USD/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
The US Dollar continues to trade against the Canadian Dollar in the already twice reviewed ascending channel pattern. However, once more new developments have pressed for an updated analysis. First of all the upper trend line of the medium scale ascending channel pattern has been reached, and more than enough clues indicate that a reversal is about to occur. However, it is not still clear what kind of new short term pattern will be formed, as the clues indicate that the rate might retreat down to the 50.00% Fibonacci retracement level, which is located at the 1.3576 level. At that level support might be found for the continuation of the surge.

  Level  Rationale     Indicator 4H 1D 1W
R4 1.4000 Monthly R2     MACD (12; 26; 9) Buy Buy Buy
R3 1.3875 Weekly R2     RSI (14) Neutral Sell Neutral
R2 1.3830/50 Monthly R1; 61.80% Fibo; trend lines     Stochastic (5; 3; 3) Sell Sell Buy
R1 1.3750/67 Trend line; weekly R1     ADX (14) Buy Buy Neutral
S1 1.3693 Trend line     CCI (14) Neutral Sell Sell
S2 1.3599/76 55-period SMA; weekly PP; 50.00% Fibo     AROON (14) Buy Buy Buy
S3 1.3527 Monthly PP     Alligator (13; 8; 5) Buy Buy Buy
S4 1.3484/81 100-period SMA; weekly S1     SAR (0.02; 0.2) Buy Buy Buy
          Aggregate ↗ ↗ ↗
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