By: Dima Chernovolov
USD/CAD continues to rise inside the 30-minute Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 6-bar level – which is the result of the medium Initial Trend (5 bars), above-average Uniformity (6 bars) and higher Clarity (7 bars). USD/CAD is expected to rise further inside this Up Channel – in line with the earlier breakout of the major resistance level shown below.
As can be seen from the daily USD/CAD chart below, the price previously broke the major resistance level 1.3100 (which also reversed the sharp upward impulse in the middle of March and also earlier this month). This price level is acting as the strong support level after it was broken. The proximity of this support level increases the probability USD/CAD will continue to rise inside this Up Channel.
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