USD/CAD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Given the current situation in the market, the US Dollar is likely to keep appreciating relative to its Canadian counterpart for now. An important test of the present bullish momentum will take place around the 2004 Jul high at 1.3385. If the currency pair manages to overcome this resistance and at the same time manages to stay above the green trend-line, the Greenback will be expected to appreciate up to 1.3815 (2004 June high). In the meantime, if there is not enough demand at 1.3039, the sell-off should extend at least down to 1.2870. The latter scenario appears to be more appealing to the SWFX market than a rally, being that 72% of open positions are short.
© Dukascopy Bank SA
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