Sun, Nov 29, 2020 @ 05:01 GMT
Home Contributors Technical Analysis USD/CAD Likely To Break Channel

USD/CAD Likely To Break Channel

The US Dollar declined by 64 points or 0.49% against the Canadian Dollar on Thursday. The currency pair breached the 50-, 100– and 200– hour SMAs during yesterday’s trading session.

The USD/CAD pair is currently trading near the bottom border of an ascending channel pattern at 1.3068 and could be set for a breakout.

If the channel pattern holds, bullish traders are likely to target the 1.3120 level within this session.

However, if the exchange rate breaks the channel pattern, a decline towards the 1.3020 area could be expected today.

Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
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