Sun, Jan 24, 2021 @ 14:35 GMT
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USD/CAD Decline Likely To Coninue

The US Dollar declined by 50 points or 0.38% against the Canadian Dollar on Friday. The currency pair breached the 50– hour simple moving average at 1.3008 during Friday’s trading session.

All things being equal, the exchange rate could continue to edge lower in a descending channel pattern. A breakout through the lower boundary of the channel pattern could occur within this session.

Furthermore, technical indicators suggest that bears are likely to dominate today’s trading 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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