The Canadian Dollar is currently trading in a narrow descending channel pattern against the Swiss Franc. The currency pair has declined by 1.60% since the middle of June.
As for the near future, the exchange rate will most likely continue to trend in the narrow descending channel pattern. The potential target for bearish traders will be at the 0.6850 level.
On the other hand, the currency exchange rate could breach the 50– period simple moving average at 0.6956 and target the 0.6998 area during the following trading sessions.