USD/CAD Analysis: Set for breaks

Dukascopy Bank Team Dukascopy Bank SA

USDCAD

The US Dollar depreciated about 82 base points against the Canadian Dollar on Friday. The currency pair tested the lower boundary of a junior ascending channel pattern at 1.3317 during Friday's trading session.

A breakout through the lower boundary of the junior ascending channel pattern could be expected within this session.

If the breakout occurs, the USD/USD exchange rate will aim for the weekly S1 at 1.3274 today.

However, if the junior channel holds, a surge towards the weekly R1 at 1.3388 could following during the following trading hours.

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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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