Wed, Jan 20, 2021 @ 22:55 GMT
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USD/CAD Analysis: Breakout Could Occur

Downside risks dominated the US Dollar against the Canadian Dollar on Tuesday. As a result, the exchange rate plummeted by 95 points or 0.73% during yesterday’s trading session.

Everything being equal, the currency pair could continue to decline during the following trading session. A breakout through the lower boundary of a descending channel pattern could occur.

However, if the channel pattern holds, bullish traders might control the market within this session.

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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.

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