USD/CAD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Without touching the lower trend-line of the channel up pattern, USD/CAD decided to commence a recovery and continue appreciating. Bullish bets are getting additional support by the fact the US Dollar has recently crossed the long-term simple moving average line and managed to hold gains above it. Moreover, 1H and 4H indicators are strongly positive with no signs for selling the pair, while all but one daily indicator assume the Greenback should be acquired in the nearest future. On the other hand, the pair may encounter a strong resistance at 1.32, created by up-trend, daily R2 and weekly R1. With sentiment being strongly bearish (74%), the pair may resume falling in the long-term.

© Dukascopy Bank SA
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