USD/CAD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/CAD is in a good position to rally from the current levels. The currency pair has just confirmed the lower trend-line that is forming the ascending channel, meaning we are likely to see a new bullish wave within the pattern. Additional arguments in favour of the Greenback's recovery are the four-hour indicators and the fact that the US Dollar is presently oversold (67% of positions are short), despite the currency's rally from 1.3810 this week. The rebound will probably extend up to 1.4230 before there is a significant downward correction. Meanwhile, if the price dives under 1.4050/40, the focus should shift to 1.3940, the current location of the 200-hour SMA.
© Dukascopy Bank SA
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