Trade of the Day: USD/CAD

By: Dima Chernovolov

USD/CAD continues to rise inside the wellf-formed 15-minute Up Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 9-bar level – which is the result of the sharp Initial Trend (10 bars), strong Uniformity (8 bars) and maximum Clarity (10 bars). USD/CAD is expected to rise further inside this Up Channel .

As can be seen from the daily USD/CAD chart below – the price earlier reversed up from the support area located between the key support level 1.2450 (former monthly low from January) and the lower daily Bollinger Band. The proximity of this support area adds to the probability USD/CAD will continue to rise inside this Up Channel.