USD/CAD analysis: Bounces off support

Dukascopy Bank Team Dukascopy Bank SA

USD/CAD

The USD/CAD exchange rate rebounded from the lower boundary of an ascending channel pattern at 1.2470 on Monday. As a result, the US Dollar has edged higher by 83 pips or 0.66% against the Canadian Dollar since yesterday's trading session.

The currency pair is likely to continue to climb in the narrow ascending channel pattern during the following trading session. The possible target for buyers will be near the 1.2600 level.

However, the weekly R1 at 1.2575 could provide resistance for the currency exchange rate in the shorter term.

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Dukascopy Bank Team

Dukascopy Bank SA

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