USD/CAD Analysis: Remains near bottom border of channel

Dukascopy Bank Team Dukascopy Bank SA

USD/CAD

The US Dollar depreciated about 61 base points against the Canadian Dollar on Tuesday. The currency pair tested the lower boundary of an ascending channel pattern at 1.3360 during the morning hours of Wednesday's trading session.

If the support level formed by the bottom border of the channel pattern holds, the US Dollar might continue to maintain the ascending channel during the following trading session.

However, if a breakout occurs, bearish traders could push the currency exchange rate towards a support level formed by the 200-hour simple moving average at 1.3334 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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