Since February 20, the Canadian Dollar has declined by 3.12% in value against the Swiss Franc. The currency pair tested the lower boundary of a descending channel pattern at 0.7209 during the morning hours of Friday’s trading session.
Given that the exchange rate has breached the channel pattern, the CAD/CHF pair could edge today’s session on bearish momentum. The short term target for the pair will be at the 0.7116 marks.
However, a support cluster formed by the weekly S1 and the lower boundary of the descending channel pattern at 0.7194 could provide support for the currency exchange rate within this session.
