USD/CAD Analysis: bearish momentum today

Dukascopy Bank Team Dukascopy Bank SA

USD/CAD

The USD/CAD currency pair broke out through the lower boundary of a dominant ascending channel at 1.2940 during the previous trading session.

Currently, the exchange rate is trading near the monthly support level at 1.2897. From a theoretical point of view, the price could reverse from that support level and target a resistance line formed by the 50-hour simple moving average at the 1.2961 mark.

Although, if this support level is unable to hold, a second breakout through the lower boundary of a three-week descending channel at 1.2875 could be a possibility within this session.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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