USD/CAD analysis: Breakout occurs

Dukascopy Bank Team Dukascopy Bank SA

USD/CAD

The US Dollar declined by 93 basis points or 0.70% against the Canadian Dollar on Tuesday. A breakout occurred through the lower boundary of an ascending channel pattern during Tuesday's trading session.

Given that a breakout occurred, bearish traders could continue to trend bearish during the following trading session. The potential target for bears would be near the weekly support level at 1.3022.

On the other hand, the currency exchange rate could make a brief retracement towards the resistance cluster at 1.3159 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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