USD/CAD analysis: Breakout occurs

Dukascopy Bank Team Dukascopy Bank SA

USD/CAD

The US Dollar has declined by 79 basis points or 0.57% against the Canadian Dollar since Monday's trading session. A breakout occurred through the lower boundary of a descending channel pattern on Tuesday morning.

Given that a breakout had occurred, the USD/CAD exchange rate would continue to edge lower during the following trading session. The possible target for bearish traders could be at the 1.3872 region.

A potential upside reversal could occur from the weekly support level at 1.3872 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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