USD/CAD Analysis: Breakout likely to occur

Dukascopy Bank Team Dukascopy Bank SA

USDCAD

The US Dollar remained flat against the Canadian Dollar on Tuesday. The currency pair tested the bottom border of a horizontal channel pattern at the end of yesterday's trading session.

Given that the 50-, 100– and 200-hour SMAs are above the price level, it is likely that the USD/CAD currency pair will continue to trade south during the following trading session.

A breakout through the lower boundary of the horizontal channel is likely to occur within this session.

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Dukascopy Bank Team

Dukascopy Bank SA

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