The Canadian Dollar has depreciated about 1.80% in value against the Swiss Franc since last week’s trading sessions. The currency pair tested the weekly S1 at 0.7434 on Thursday.
The CAD/CHF exchange rate is currently trading near the upper boundary of a descending channel pattern at 0.7480 and could be set for a breakout.
If the breakout occurs, a surge towards a psychological resistance level at 0.7550 could be expected during next week’s trading sessions.
However, if the descending channel holds, the currency exchange rate will most likely maintain the channel pattern in the nearest future.