Mon, Jan 18, 2021 @ 14:44 GMT
Home Contributors Technical Analysis USD/CAD Pressured BY SMAS


The US Dollar has been depreciating in a junior descending channel pattern against the Canadian Dollar since November 14. The currency pair declined by 34 basis points during yesterday’s trading session.

All things being equal, the USD/CAD exchange rate will most likely continue to edge lower in the descending channel during the following trading session. Bears could drive the price towards the 1.3180 area.

However, a support level formed by the weekly S1 at 1.3198 could provide support for the currency exchange rate in the shorter term.

Dukascopy Swiss FX Group
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.

Featured Analysis

Learn Forex Trading