Watch out for the Canadian Dollar

The market continues to move within the descending green channel. Since previously the price made a start from the lower bound of this channel, and then we saw the break of the red moving average, the way opened for bulls towards the upper green bound to the resistance level of 1.327. Thus, in the near future, the market may rise.

However, if the bears start to push the price down, and we see that the market has fallen below the support level of 1.309, then the way to the lower bound of the green channel and the support level of 1.301 will be opened for the bears.