USD/CAD Analysis: Sets for breakout
|USDCAD
The US Dollar traded with low volatility against the Canadian Dollar on Monday. The currency pair breached the lower boundary of a medium-term ascending channel pattern at 1.3420.
A breakout through the bottom border of the medium-term descending channel pattern could be expected within this session.
If this breakout occurs, a decline towards the weekly and the monthly pivot points at 1.3395 might be the target.
However, if the channel pattern holds, the currency exchange rate could aim for a resistance level formed by the 50-, 100– and 200-hour SMAs at 1.3448 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.