USD/CAD Analysis: Aims at junior pattern lower band
|USDCAD
The US Dollar appreciated about 56 base points against the Canadian Dollar on Thursday. However, the surge was stopped by a resistance level formed by the 50-hour simple moving average at 1.3337.
Everything being equal, it is likely that the exchange rate will aim at the lower boundary of a junior descending channel pattern at 1.3250 during the following trading session.
If the currency exchange rate breaks the junior pattern, the next target for bearish traders will be at a support cluster formed by the combination of the weekly and the monthly PPs at 1.3198.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.