USD/CAD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Dollar/Loonie pair has been trading in a relatively young channel up pattern, which was formed in the end of the previous week. Just recently, the Greenback breached the lower boundary of the pattern at 1.0978; however, it managed to recover and is nearing a considerable resistance level in face of daily and four-hour pivot points at 1.0993/90. If this level is violated, the pair will most likely continue growing, as suggested by medium-term technical indicators, which point strongly to the upside, while other technical studies are neutral at the moment. Moreover, an upside move is supported by market participants, being that 64% of them suggest the U.S. Dollar is preparing to gain value.
© Dukascopy Bank SA
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