USD/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite USD/CAD currently trading within the boundaries of the upward-sloping channel, the risks are considered to be skewed to the downside. The currency pair has almost reached a major resistance level 1.3150, which has stopped all attempts of the pair to rise since the beginning of April. This level is also the upper edge of the ascending triangle forming in the daily chart. Another reason to doubt the ability of the US Dollar to increase in value is positioning of traders—74% of them are bulls, meaning there is little room for new buyers to enter the market. However, if 1.3150 is broken, the next potential target will be the 200-day SMA and March 24 high at 1.33.
© Dukascopy Bank SA
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