During the past 24 hours, the US Dollar versus the Canadian Dollar has depreciated over 90 base points. The currency pair breached both the 50-, 100– and 200-hour SMAs on Wednesday.
As for the near future, it is likely that the USD/CAD exchange rate will continue to edge lower. The potential target for bearish traders will be near the bottom border of a descending channel pattern at 1.2980.
Although, the decline might be stopped by a support level formed by the weekly S1 at 1.3030 during the following trading session.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.