USD/CAD analysis: Breached channel

Dukascopy Bank Team Dukascopy Bank SA

USD/CAD

On Thursday, the US Dollar fell by 156 pips or 1.22% against the Canadian Dollar. A Breakout occurred through the lower boundary of an ascending channel pattern during Thursday's trading session.

Given that a breakout has occurred, the USD/CAD currency pair could continue to edge lower within this session. The potential target for sellers would be near the 1.2550 level.

However, bearish traders may encounter support at 1.2619 during Friday's trading 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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