The previous forecast for the USD/CAD pair has not come into reality. The pair has broken the upper trend line of the long term ascending channel pattern during the early hours of Thursday’s trading session. However, by the middle of the day’s trading session the pair had changed direction and retreated to find support in the previously active resistance line.
As a result of the observation and some drawing, the Dukascopy Research tem discovered that that point was crossed by a medium term ascending channel pattern’s upper trend line. The trend line can be also used to set a parallel line for the purpose of observing the ascending medium term trend. In the near future, if the support is provided to the rate, and the 55-hour SMA approaches from the downside, a surge up to the 1.2635 mark will occur.