USD/CAD analysis: Potential breakout
|USD/CAD
The US Dollar has declined by 144 pips or 1.07% against the Canadian Dollar since Tuesday's trading session. The currency pair tested a support cluster formed by the weekly S1 and the monthly S2 at 1.3278 on Wednesday morning.
Technical indicators flash selling signals on all time-frame. Most likely, the decline will continue today. A possible breakout through the lower boundary of a descending channel pattern could occur.
However, if the channel pattern holds, bulls could attempt to push the price a little higher towards the 1.3340 level during the following trading session.
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