USD/CAD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
bearish. Last month, the currency pair breached the 21-month trend-line, which paved the way for a test of the lowest level since October 2015, and the next prominent low is only at 1.2130, represented by the June 2015 minimum. At the same time, the upside is limited by a major down-trend that has been guiding the pair south since the end of January. Moreover, daily and weekly technical indicators also imply a sell-off. During this week, USD/CAD is likely to bounce off of 1.3040 and slide down to 1.2740/00, where it is going to find support provided by the monthly S1 and the lower boundary of the emerging bearish channel.
© Dukascopy Bank SA
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