USD/CAD Analysis: Breakout likely to occur

Dukascopy Bank Team Dukascopy Bank SA

USDCAD

The US Dollar traded sideways against the Canadian Dollar on Monday. The monthly pivot point at 1.3396 provided support for the exchange rate during yesterday's trading session.

A breakout from the sideways movement could be expected within this session. Technical indicators suggest an upside breakout.

If this upside breakout occurs, a surge towards the upper boundary of a junior ascending channel could be the target.

On the other hand, the currency exchange rate could continue to consolidate above the monthly PP at 1.3396 today.

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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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