Daily Forex Update: USD/CAD

By: Dima Chernovolov

USD/CAD recently broke the high Quality Down Channel chart pattern which was previously identified by Autochartist on the daily charts. Autochartist measures the Quality of this Down Channel at the 9 bar level – which reflects the sharp Initial Trend (10 bars), significant Uniformity (7 bars) and higher Clarity (9 bars). Higher Quality of this Down Channel highlights the greater visibility of this breakout to the market participants – which increases the probability USD/CAD will continue to rise toward the forecast price 1.3598.

As can be seen from the chart below, Autochartist also recently identified the Uniform Up Channel on the 4-hour USD/CAD charts. Its Uniformity is rated by Autochartist at the 8 bar level. Two different-type chart patterns aligned in one direction increase the probability USD/CAD will continue to rise toward the forecast price 1.3598 in the nearest time.

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