USD/CAD Analysis: Aims at junior pattern lower band

USDCAD

The US Dollar appreciated about 56 base points against the Canadian Dollar on Thursday. However, the surge was stopped by a resistance level formed by the 50-hour simple moving average at 1.3337.

Everything being equal, it is likely that the exchange rate will aim at the lower boundary of a junior descending channel pattern at 1.3250 during the following trading session.

If the currency exchange rate breaks the junior pattern, the next target for bearish traders will be at a support cluster formed by the combination of the weekly and the monthly PPs at 1.3198.

USDCAD

USDCAD

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