USD/CAD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/CAD slipped 1.4 % over the last week, led by a descending channel, which was formed in result of an unsuccessful break above the upper downtrend. After failing at the top trend-line of the pattern, USD/CAD is not showing enough weakness to dip underneath the 1.3102 level, which would result in a smooth slide towards 1.3080/3078, where a close below would open up 1.3063/3061 for tests. We see 1.3017 as the target on the bottom trend-line, where we would expect the pair to gain strength for a bounce to test the same levels but from beneath. An immediate close above the upper trend-line would, however, put 1.3132 into perspective, meaning that the level would likely cap the gains briefly to undergo a traditional retracement from the broken trend-line around 1.3095
© Dukascopy Bank SA
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