USD/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
The latest 350 base point surge of the Greenback against the Loonie is still a contrast to the rest of the markets, as the Buck is losing ground in general. The surge has occurred in an ascending channel due to the pair encountering the support of the 200-day SMA. There are no dominant patterns affecting the pair at the moment, as the latest one has been recently broken. However, the Fibonacci retracement levels, which are measured by connecting the 2016 low and high levels, have proven themselves to be a strong force. Most recently the pair reached the 50.00% retracement level, which is located at the 1.3576 level. Due to that reason market participants should watch how the situation develops, as either a break of the resistance or a bounce off might occur soon.
© Dukascopy Bank SA
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