USD/CAD analysis: Sets for breakout

Dukascopy Bank Team Dukascopy Bank SA

USD/CAD

The USD Dollar plunged by 61 pips or 0.50% against the Canadian Dollar on Friday. The decline was stopped by the 200– hour simple moving average during Friday's trading session.

Currently, the exchange rate is trading near the lower boundary of an ascending channel pattern and could be set for a breakout.

If the breakout occurs, a decline towards the weekly support level at 1.2008 could be expected during the following trading session.

However, if the channel pattern holds, bullish traders might target the 1.2140 level in 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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