USDCAD Analysis: Reaches channel border
|UADCAD
The Greenback continues its movement in an ascending pattern against the Canadian Dollar. By the close of Friday's trading session, the currency pair had formed a new ascending channel as can be observed on the chart.
However, during the second part of Monday's session, the exchange rate was trading closer to the lower boundary of the newly formed pattern. Also, the pair is stranded between the 55– and 100-hour SMA and the weekly PP near the 1.32 mark.
As for near future, bulls are likely to continue their dominance in the market over the currency exchange rate until it re-test the weekly resistance level located at the 1.3377 regions.
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.