The CAD/CHF currency pair has been trading down since the beginning of July after the pair failed to surpass the resistance level located near the 0.7606 marks.

Currently, the exchange rate is trading near the upper boundary of a descending channel pattern at 0.7352 and could be set for a breakout.

Given that the Loonie is pressured by the 50– hour simple moving average, it is likely that the pair will continue its downward swing next week.

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However, if the currency exchange rate passes the 50– hour SMA and the upper line of the channel pattern, bulls are likely to prevail in the market during the following trading sessions.

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