On Monday it was spotted that the US Dollar had no support levels left against the Canadian Dollar. The event resulted in a decline of the pair.
However, the free range from Dukascopy Analytics technical levels clearly was not about to be passed in a sudden drop without a fundamental base. Due to that reason the first hunt for a declining pattern began soon after.
On Tuesday analysts spotted that there is a very strong support line, which is keeping the rate from declining. That rate was used to draw a speculative channel down pattern.
The pattern is set to guide the rate down to the weekly S1 at 1.2502 level.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.