USDCAD Analysis: Breaches the junior pattern

Dukascopy Bank Team Dukascopy Bank SA

USDCAD

The US Dollar introduced no significant changes to its overall price range against the Canadian Dollar on Monday, as the USD/CAD currency pair remained trading with low volatility.

Meanwhile, a breakout had occurred through the lower boundary of a junior ascending pattern as can be observed on the chart and could be set for a short-term decline during the following session.

According to technical indicators, some upside potential still exists. In the meantime, the currency exchange rate could make a brief retracement down targeting the 200-hour simple moving average at 1.3167.

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Dukascopy Bank Team

Dukascopy Bank SA

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