USD/CAD Analysis: Decline likely to continue
|USD/CAD
During the past 24 hours, the US Dollar versus the Canadian Dollar has depreciated over 90 base points. The currency pair breached both the 50-, 100– and 200-hour SMAs on Wednesday.
As for the near future, it is likely that the USD/CAD exchange rate will continue to edge lower. The potential target for bearish traders will be near the bottom border of a descending channel pattern at 1.2980.
Although, the decline might be stopped by a support level formed by the weekly S1 at 1.3030 during the following trading session.
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.