USD/CAD

The US Dollar has declined by 144 pips or 1.07% against the Canadian Dollar since Tuesday's trading session. The currency pair tested a support cluster formed by the weekly S1 and the monthly S2 at 1.3278 on Wednesday morning. 

Technical indicators flash selling signals on all time-frame. Most likely, the decline will continue today. A possible breakout through the lower boundary of a descending channel pattern could occur.

However, if the channel pattern holds, bulls could attempt to push the price a little higher towards the 1.3340 level during the following trading session.

USDCAD

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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.

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