USD/CAD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rise to a five-year high of 1.1279 put a drag on USD/CAD. The pair succumbed to a heavy selling pressure and started to form a channel down pattern in mid-March.
After an unsuccessful attempt to break out of the pattern in the very end of April, the currency couple has been meandering near the upper limit of the corridor and is likely to continue doing so given that market participants are not univocal on the pair's future moves-about 53% of all open positions at the SWFX are long and almost 47% are short. Furthermore, technical data fails to shed any light on the pair's future trend, being neutral for short, medium and long-terms.
© Dukascopy Bank SA
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