USD/CAD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A set of channels led USD/CAD down from November highs, and the pair has just broken the upper boundary of the latest one. We will now look for a retracement from the broken trend-line around 1.3113 and an extensive surge after that. The rally could experience some issues at 1.3135 and then 1.3140, and could slow down after that, as a red Ichimoku cloud comes across. The first prominent resistance could come at 1.3304, the December 6 high, with 1.3348 being another level that could steal some momentum. With various time-frame SMAs lying above as well as other lagging technical indicators still favouring a downtrend, the pair will have put in dome decent demand pressures in order to decisively reverse.
© Dukascopy Bank SA
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