USDCAD Analysis: Pivot Point breaks the surge
|USDCAD
The US Dollar, as expected on Wednesday, managed to gain more ground against the Canadian currency. However, the surge was stopped eventually near mid-day by the monthly pivot point at 1.2917.
Due to the fact that most previously drawn trend lines were broken, a large scale review of the currency pair has been conducted. Basically, Dukascopy analysts have marked a descending long term and a medium term ascending pattern.
In regards to the near future, the various SMAs were set to push the rate against the upper trend line of the dominant descending channel pattern. This event is set to result in a break out either to the upside or the downside in the upcoming trading sessions.
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