UADCAD
The Greenback continues its movement in an ascending pattern against the Canadian Dollar. By the close of Friday's trading session, the currency pair had formed a new ascending channel as can be observed on the chart.
However, during the second part of Monday's session, the exchange rate was trading closer to the lower boundary of the newly formed pattern. Also, the pair is stranded between the 55– and 100-hour SMA and the weekly PP near the 1.32 mark.
As for near future, bulls are likely to continue their dominance in the market over the currency exchange rate until it re-test the weekly resistance level located at the 1.3377 regions.
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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