USD/CAD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Greenback has just bounced from the lower boundary of the channel up to continue trading in the bullish environment, as pattern's support together with 100-period SMA at 1.1215 used to be too tough support line for pair's bears. Even though in the short-term technical studies predict the USD/CAD currency pair to hover sideways, the long-term development of American currency against the Loonie is going to be positive, as expected by daily and weekly indicators. In order to reach the upper trend-line, USD has to breach a number of considerable resistance levels, including the monthly R1 at 1.1345. Still, market participants believe in pair's strength, as 70% of them hold long positions.
© Dukascopy Bank SA
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Thu, 23 Oct 2014 07:37:54 GMT

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