USD/CAD analysis: Decline likely to continue

Dukascopy Bank Team Dukascopy Bank SA

USD/CAD

During the first half of Tuesday's trading session, the US Dollar surged by 64 pips or 0.51% against the Canadian Dollar. Though, the currency pair erased the earlier gains at the end of the day.

As for the near future, the USD/CAD exchange rate could continue to edge lower. Bearish traders are likely to target the 1.2500 level during the following trading session.

Nevertheless, the currency exchange rate could find support at the 1.220 area 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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