USD/CAD analysis: Sets for breakout
|USD/CAD
The USD Dollar plunged by 61 pips or 0.50% against the Canadian Dollar on Friday. The decline was stopped by the 200– hour simple moving average during Friday's trading session.
Currently, the exchange rate is trading near the lower boundary of an ascending channel pattern and could be set for a breakout.
If the breakout occurs, a decline towards the weekly support level at 1.2008 could be expected during the following trading session.
However, if the channel pattern holds, bullish traders might target the 1.2140 level in this 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.