The Loonie has been strained in a channel down against the Swiss Franc. The currency pair tested the upper boundary of this pattern on January 8, being followed by a strong period of decline.
The CAD/CHF pair has moved closer to the border of a medium-scale triangle and could be set for a breakout. The rate has breached the weekly PP at 0.7320 and moved back south.
The overall market sentiment is bearish and it is likely to continue for the following week if the aforementioned breakout does not occur.
