The Canadian Dollar has been depreciating in a descending channel pattern against the Swiss Franc since October 28. The currency pair surged by 109 basis points during last week’s trading sessions.
The 200– hour simple moving average is currently providing resistance for the exchange rate at 0.7514.
All things being equal, the CAD/CHF pair will most likely continue to trade in the descending channel pattern during next week’s trading sessions. The possible target will be at the 0.7400 zones.
However, given that the currency exchange rate is trading near the upper border of the channel pattern, a breakout could occur next week.
