USD/CAD 1D Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having found the support at 1.06 six months ago, the US Dollar was able to start forming a bullish channel. Accordingly, the upward momentum should persist, with the main short-term resistance and support levels being at 1.1525 and 1.1225, respectively, as suggested by the trend-lines of the pattern.
Meanwhile, neither the daily nor the monthly technical indicators agree on the direction of USD/CAD. However, the weekly studies are distinctly bullish, and the demand at 1.1225 is highly unlikely to be violated, as it is reinforced by the monthly S1 and Jan high. Also, the SWFX sentiment is strongly positive—75% of open positions are presently long.
© Dukascopy Bank SA
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