USD/CAD analysis: Tests 50-hour SMA

Dukascopy Bank Team Dukascopy Bank SA

USD/CAD

The US Dollar declined by 61 pips or 0.44% against the Canadian Dollar on Friday. The currency pair tested the 50– hour simple moving average at 1.3651 on Monday morning.

Currently, the exchange rate is testing the lower boundary of an ascending channel pattern.

If the channel pattern holds, bullish traders could continue to pressure the USD/CAD pair higher within this session.

However, if the currency exchange rate breaks the ascending channel pattern, a decline towards the 1.3600 could be expected today.

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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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