USD/CAD analysis: Bounces off support
|USD/CAD
The US Dollar declined by 71 pips or 0.56% against the Canadian Dollar on Monday. The currency pair breached the weekly pivot point at 1.2650 during Monday's trading session.
The exchange rate bounced off the weekly PP during the Asian session on Tuesday. Most likely, bullish traders could pressure the USD/CAD pair higher during the following trading session.
However, the upper line of a descending channel pattern might provide resistance for the currency exchange rate in the shorter term.
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