USD/CAD analysis: Bears likely to prevail
|USD/CAD
The US Dollar has continued to edge lower against the Canadian Dollar in a descending channel pattern. The USD/CAD currency pair fell by 48 pips or 0.48% during yesterday's trading session.
Technical indicators suggest selling signals on the 4H, daily and weekly time-frame charts. Bearish traders might continue to drive the price lower during the following trading session.
However, the support level at 1.2080 could provide support for the currency exchange rate in the short term.
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