CAD/CHF 1H Chart: Likely to form bearish correction
The Canadian Dollar has gained 2.46% against the Swiss Franc during the past two weeks. This period of appreciation began shorty after the pair reversed from the senior channel and its ten-month low of 0.7258. It has since been trading in an ascending channel along the 55– and 200-hour SMAs.
Technical indicators suggest that the current surge is likely to be followed by a decline within the following week. However, given the strength of the aforementioned moving averages to support the rate, the Loonie should breach the 0.7380 mark to confirm this bearish scenario. The 23.60% Fibo retracement and the weekly PP are likewise located in this area. In case a breakout south occurs, the pair should target the psychological 0.73 mark.
On the other hand, the Canadian Dollar might still continue advancing during the following sessions. This up-move, however, should not exceed the monthly R1 and the 38.20% Fibo at 0.7480.
Technical indicators suggest that the current surge is likely to be followed by a decline within the following week. However, given the strength of the aforementioned moving averages to support the rate, the Loonie should breach the 0.7380 mark to confirm this bearish scenario. The 23.60% Fibo retracement and the weekly PP are likewise located in this area. In case a breakout south occurs, the pair should target the psychological 0.73 mark.
On the other hand, the Canadian Dollar might still continue advancing during the following sessions. This up-move, however, should not exceed the monthly R1 and the 38.20% Fibo at 0.7480.
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