NZD/CAD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
A small-scale channel up pattern on the hourly chart led NZD/CAD out of the senior falling wedge on the daily time-frame, suggesting that risks should be skewed to the upside in general, but a retracement is potentially due before a confident rally extends. The hourly time-frame, however, suggests that the correction has already taken place, meaning that the upper bound of the small channel should be the main area to watch around 0.9364 with hitches at 0.9354 and 0.9361. The zone below is severely clustered, suggesting that the cross is unlikely to slip beneath 0.9339, and might even form an ultimate junior channel up to get away from it.
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