Patterns: CAD/JPY, CAD/CHF
|CAD/JPY 4H Chart: Reveals new junior pattern
The Canadian Dollar has strengthened against the Japanese Yen since late June. This upside movement has sent the pair to move from the lower boundary of a medium-term ascending pattern to its upper line and the weekly pivot point located near the 85.06 mark.
During this period of surged, the exchange rate price has moved past the 55-, 100-, and 200– hour SMAs. Technical indicators suggest that the bullish sentiment is likely to continue during the following trading sessions. If this bullish momentum continues, a breakout through the upper boundary of a channel down could be expected within the coming days.
CAD/CHF 4H Chart: Sets for breakout
The CAD/CHF exchange rate has been moving in a descending channel since early May. The currency pair pullback from the upper dominant ascending channel pattern on May 10 and followed by a period of decline.
The Canadian Dollar reached the lower boundary of both the dominant and the junior patterns and made a U-turn north. As a result, the pair dashed through the 55-, 100-, and 200-hour SMAs.
As for near future, a breakout from the junior pattern could be expected during the following trading sessions. However, technical indicators suggest that bears are likely to come into play today.
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