USD/CAD analysis: Likely to break channel

Dukascopy Bank Team Dukascopy Bank SA

USD/CAD

The US Dollar declined by 64 points or 0.49% against the Canadian Dollar on Thursday. The currency pair breached the 50-, 100– and 200– hour SMAs during yesterday's trading session.

The USD/CAD pair is currently trading near the bottom border of an ascending channel pattern at 1.3068 and could be set for a breakout.

If the channel pattern holds, bullish traders are likely to target the 1.3120 level within this session.

However, if the exchange rate breaks the channel pattern, a decline towards the 1.3020 area could be expected today.

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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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