USD/CAD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/CAD continues to trade within the boundaries of the upward-sloping channel we spotted yesterday. Since then the currency pair has confirmed the lower trend-line, and it is therefore ready to surpass last week's high at 1.32. Once above this level, there will be very few reasons for the pair not to reach the upper trend-line at 1.3280.
Alternatively, if 1.32 stays intact and USD/CAD slides under 1.3150, the sell-off will be expected to extend down to the weekly pivot point before it tests 1.3040, namely the Oct 23 low and long-term moving average. Meanwhile, the sentiment among the SWFX traders is neutral: 46% of positions are long and 54% are short.
© Dukascopy Bank SA
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