USD/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/CAD hinted a new trend-line from below – a parallel to the decent upside boundary, forming a channel with risk weighing heavily on the upside. The pair stuck to the trend-line since September, suggesting that a breakout might be near. Immediate supply lies at 1.3520/24 with potential hitches at 1.3543 and 1.3561 before the upper trend-line of the channel it ultimately reached. The channel line is strengthened by 1.3548/78, and a close above would likely be capped by 1.3646. In case the pair fails to reach its upper destination and turns to a wave north, 1.3408/3390 will be an area to watch as the rate heads down to the bottom trend-line around 1.3293.
© Dukascopy Bank SA
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