USD/CAD analysis: Breakout occurs

Dukascopy Bank Team Dukascopy Bank SA

USD/CAD

The US Dollar edged higher by 74 basis points or 0.54% against the Canadian Dollar on Monday. The currency pair breached the upper boundary of a descending channel pattern on Tuesday morning.

Given that a breakout had occurred, the USD/CAD exchange rate could continue to surge during the following trading session. The possible target for bulls would be at the 1.3660 level.

However, the weekly resistance level at 1.3651 could provide resistance for the currency exchange rate within this session.

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Dukascopy Bank Team

Dukascopy Bank SA

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