FX.co ★ Comprehensive Analysis in Trading: Mastering Methodologies

At the end of the past trading week, the quotes of the currency pair US Dollar/Canadian Dollar continued to stay within the 4-hour regression channel of Murray, mainly trading above its lower boundary of 3/8 (1.3363). Although it should be noted that the bears made incursions below, resulting in a maximum decline touching the reversal level of Murray 2/8 (1.3733), which now marks the four-hour low of the pair. Overall, the general medium-term trend remains bearish, but in reality, by the end of the trading session, the price of this currency pair is once again attempting to rise, with the last candle favoring the bulls, testing the breakout at the midpoint of the regression channel at the resistance of 4/8 (1.3794). As a result, there is a threat of testing the top of the Murray regression channel at 5/8 (1.3824), but I am not expecting its breakout yet. From there, it is more likely that the USD/CAD pair will start to fall towards its bottom. However, it is important to understand that in the event of breaking through the top of the Murray regression channel and opening a new bullish H4 candle above it, the trend may begin to shift in favor of the northern direction.