Mon, Mar 01, 2021 @ 15:48 GMT
Home Contributors Technical Analysis USD/CAD Decline Could Continue

USD/CAD Decline Could Continue

During the first half of Monday’s trading session, the US Dollar surged by 63 pips or 0.50% against the Canadian Dollar. However, the USD/CAD exchange rate abandoned the earlier gains at the end of the day.

All things being equal, the currency pair is likely to continue to decline. A breakout through the lower line of a descending channel pattern could occur within the following trading session.

Although, if the channel pattern holds, buyers could pressure the currency exchange rate higher towards the weekly pivot point at 1.2650 during the following trading session.

Dukascopy Swiss FX Group
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