USD/CAD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Greenback is surging against the Canadian Dollar in an ascending channel pattern, which has guided the currency exchange rate from the lower trend line of a medium term ascending channel. The channel has already not only broken out of the medium term channel up pattern, but also the rate has broken through the resistance put up by the 38.20% Fibonacci retracement level. The Fibonacci retracement levels on this pair are measured via connecting the 2016 high and low levels. It is most likely that the currency exchange rate will continue its path lower, as SWFX market sentiment indicates that the pair is in the neutral zone.
© Dukascopy Bank SA
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