USD/CAD 1H Chart: Channel Down

The market has been largely bearish since March, when USD/CAD was trading just beneath 1.13 and failed to rise above it. Now the currency pair fluctuates beneath 1.07 and seems to be likely to add to the losses. Even though the hourly technical indicators are pointing upwards right now, the U.S. Dollar is expected to stop and make a U-turn before the price crosses a dense supply area at 1.0672. From this level the price will most likely head towards the lower boundary of the downward-sloping channel at 1.0612, which is presently reinforced by the daily S1. Such a scenario is also suggested by the hourly and daily studies being mostly bearish.