USD/CAD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After hitting a solid resistance level 1.40 the currency pair has entered a consolidation phase, but the lower boundary of the recently formed channel remains intact. Accordingly, our bias towards the US Dollar is positive, and there should soon be a rebound from the rising support line at 1.3916. Once and if the obstacle at 1.40 is out of the way, the next target will be at 1.4158, represented by the 2003 August high.

Alternatively, in case demand around 1.39 proves insufficient to trigger a rally, the Greenback will probably depreciate until the price falls to 1.3675, where the monthly R2 merges with the Dec 15 low.
© Dukascopy Bank SA
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