USD/CAD Analysis: Breakout occurs

Dukascopy Bank Team Dukascopy Bank SA

USDCAD

During the past 24 hours of trading, the US Dollar has lost about 0.64% in values against the Canadian Dollar. The currency pair breached the lower boundary of an ascending channel pattern during the Asian session on Monday.

Given that a breakout had occurred, it is likely that the exchange rate continues its decline within this session. Bears could push the USD/CAD currency pair towards the 1.3200 mark.

Although, the currency exchange rate could reserve from the current price level and aim for a re-tests of the lower boundary of the channel pattern at 1.3251 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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