USDCAD
Bearish sentiment dominated the USD/CAD exchange rate on Tuesday, thus sending the US Dollar to declined about 90 base points against the Canadian Dollar. The pair breached the monthly support level and the 50-hour simple moving average at the 1.3036 mark during the previous session.
Technical indicators on both the smaller and the larger time frames demonstrate that this bearish momentum might continue within this session.
If and when this movement happens, a breakout through the lower boundary of a dominant ascending channel at 1.2945 is likely to occur.
On the other hand, if the weekly S1 holds, a brief retracement towards the 50-hour SMA at 1.3012 could be expected.
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.
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