krissl replies to: USD/CAD

USDCAD is trading above the support level 1.30089 and forms a channel pattern in a technical 4-hour chart. I expect the bullish momentum to continue for next trading hours, pair would face hurdle at first resistance level 1.30387 and if it breaches this level then it will face second resistance at 1.30496. Further mounting pressure will force the pair to climb till level of 1.30736, followed by a solid breakdown of pattern which will result the pair to attain level of 1.31652 after breaching fourth resistance at 1.31065

If it crosses the support level, then it could get second support at 1.29969 and may witness a fall till level of 1.29560 after failure to sustain above third support at 1.29757

Attached Image (click to enlarge)

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