USD/CAD Analysis: breakout occurs

Dukascopy Bank Team Dukascopy Bank SA

USD/CAD

The US Dollar declined by 43 basis points against the Canadian Dollar on Wednesday. The decline was stopped by the weekly pivot point at 1.3036 during yesterday's trading session.

A breakout occurred through the lower boundary of an ascending channel pattern at 1.3040 during the morning hours of Thursday's trading session.

Given that a breakout had occurred, a decline towards the psychological support level at 1.3000 could be expected.

However, a support level formed by the 200– hour simple moving average at 1.3033 could provide support for the currency exchange rate 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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