HomeContributorsTechnical AnalysisUSD/CAD Decline Likely To Continue

USD/CAD Decline Likely To Continue

On Monday, the US Dollar declined by 42 pips or 0.34% against the Canadian Dollar. The currency pair breached the 50– hour simple moving average during yesterday’s trading session.

All things being equal, the USD/CAD exchange rate could continue to edge lower in a descending channel pattern. The potential target for sellers will be near the 1.2300 level.

However, the currency exchange rate might bounce off the support level at 1.2339 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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