USD/CAD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After picking up more than 100 pips on July 15, the USD/CAD currency pair has been respecting the upper trend-line of the bullish pattern, thus registering moderate increase in value. Judging from the technical studies on the short and medium-term time frames, the US Dollar is going to continue appreciating versus its Canadian counterpart. The weekly indicators are in turn mixed at the moment. Moreover, there is a strong advantage of bearish (70%) open trades against the bullish (30%) ones. Therefore, a downside risk is not eliminated yet. Additionally, narrow range between pattern's boundaries makes it easier for the bears to push the Greenback below 1.2846.

© Dukascopy Bank SA
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