USDCAD stays in a rising price channel

Franco Shao ForexCycle.com

USDCAD stays in a rising price channel on 4-hour chart and remains in uptrend from 1.3223. As long as the pair is in the channel, the fall from 1.3647 could be treated as consolidation of the uptrend, and further rise to 1.3700 area is possible after the consolidation. Near term support is at the bottom of the channel and the key support is at 1.3410, only break below this level will indicate that the upward movement had completed at 1.3647 already, then the following downward movement could bring price back to 1.3150 area.

Interested in USDCAD technicals? Check out the key levels

1. R3 1.3730
2. R2 1.3677
3. R1 1.3647
PP 1.3594
1. S1 1.3565
2. S2 1.3512
3. S3 1.3482

Author

Franco Shao

ForexCycle.com

Franco Shao is founder of ForexCycle.com - a website that focuses on market trend and data analysis of the financial markets, especially for foreign exchange trading. It was established in year 2005. Franco has rich experience in the industry.

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