USD/CAD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
At the moment the USD/CAD currency cross is testing the lower boundary of the bullish channel, which was reached a couple of hours ago. Taking into account the present market conditions, the pair will most likely manage to bounce from this line and trade upwards in the medium-term. The closest support for the cross is provided by the 1.1525 level (monthly R1; weekly PP). Moreover, 74% of SWFX traders are assuming the US dollar will continue gaining value, while medium and long-term technical indicators are giving strong signals to buy the pair. The only significant resistance right now is represented by the monthly R2/weekly R1 around 1.1640, which may halt the pair for some time.
© Dukascopy Bank SA
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