Daily Forex Update: USD/CAD

By: Dima Chernovolov

USD/CAD continues to fall after the earlier breakout of the 4-hour Up Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 7-bar level – which is the result of the slow Initial Trend (4 bars), strong Uniformity (8 bars) and average Clarity (5 bars). USD/CAD is expected to fall toward the forecast price 1.3144 – in line with the earlier downward reversal from the strong resistance area shown below.

As can be seen from the daily USD/CAD chart below, the top of this Up Channel formed when the price reversed down from the resistance lying between the key resistance level 1.3300 (lower boundary of the powerful resistance zone from June), upper trendline of the daily up channel from October and the upper daily Bollinger Band. The proximity of this resistance zone increases the probability daily USD/CAD will continue to fall toward the forecast price 1.3144.

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