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USD/CAD analysis: Selling signals

Dukascopy Bank Team Dukascopy Bank SA

USD/CAD

The US Dollar declined by 37 basis points or 0.28% against the Canadian Dollar on Wednesday. The currency pair tested the lower boundary of a descending channel pattern at 1.2938 during yesterday's trading session.

Technical indicators suggest that the exchange rate could continue to edge lower during the following trading session. A breakout through the lower boundary of a descending channel pattern could occur.

However, the currency exchange rate could bounce off from the lower line of the descending channel pattern and target the 1.3038 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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USD/CAD analysis: Selling signals

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