USD/CAD analysis: Likely to break channel
|USD/CAD
The US Dollar declined by 64 points or 0.49% against the Canadian Dollar on Thursday. The currency pair breached the 50-, 100– and 200– hour SMAs during yesterday's trading session.
The USD/CAD pair is currently trading near the bottom border of an ascending channel pattern at 1.3068 and could be set for a breakout.
If the channel pattern holds, bullish traders are likely to target the 1.3120 level within this session.
However, if the exchange rate breaks the channel pattern, a decline towards the 1.3020 area could be expected today.
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.