USD/CAD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/CAD has been in a strong up-trend since October, rising from 1.02 up to 1.07. During this period the currency pair has formed a bullish channel, the lower trend-line of which the rate is currently testing. Consequently, there is an increased chance of a rebound from 1.0599 and subsequent development of a rally up to 1.0777.
Even if the price falls beneath this level, the long-term positive outlook should stay intact, unless an additional support area at 1.0565 gives in to the selling pressure as well. Meanwhile, the sentiment of the SWFX market is in favour of U.S. Dollar's appreciation—72% of open positions are long.

© Dukascopy Bank SA
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