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USD/CAD Analysis: Breakout Occurs

The US Dollar breached the upper boundary of a junior descending channel pattern at 1.3295 during the morning hours of Wednesday’s trading session.

Given that the currency pair has passed the 50-hour simple moving average, the next target for bullish traders could be near a resistance level formed by the weekly pivot point at 1.3351.

However, a resistance line set by the 100-hour SMA at 1.3308 might restrict the currency exchange rate from hitting the given target as mentioned earlier during the following trading session.

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Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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