USD/CAD analysis: Decline likely to continue

Dukascopy Bank Team Dukascopy Bank SA

USD/CAD

The US Dollar declined by 115 basis points or 0.85% against the Canadian Dollar on Wednesday. The currency pair breached a support cluster at 1.3563 during yesterday's trading session.

As for the near future, the exchange rate will most likely continue to edge lower. A breakout through the lower boundary of a descending channel pattern could occur within this session.

However, the weekly support level at 1.3487 could provide support for the currency exchange rate within Thursday's session.

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Dukascopy Bank Team

Dukascopy Bank SA

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