The upper boundary of the short-term descending channel was breached on Thursday.
After reaching the 1.2520 mark early on Thursday, the prevailing bearish sentiment guided USD/CAD southwards.
The falling wedge which was formed last week was breached to the upside on Thursday.
The Euro was generally supported by the 55-hour SMA for the last 24 hours, except for a minor breakout late on Thursday.
As it was expected, the 61.8% Fibonacci retracement level at 1,278.96 appeared to be too strong barrier to be crossed from the first attempt.
At the present moment, the currency exchange rate is fluctuating in three different channels. After making a rebound from upper edge of two of them, which matched with Governor Kuroda speech, it tried to slip to the bottom.
Contrary to expectations but in accordance with trade patterns theory, the currency pair made breakout from a falling wedge to the top.
After breaking through a combined resistance set up by the weekly S2 at 1.1774 and the slipping 55-hour SMA, the currency pair lost an upside momentum provided the 100% Fibonacci retracement level at 1.1715 and started to move horizontally.
The New Zealand Dollar had been struggling to move past the weekly S1 at 0.7214 for the last two sessions.
Even though USD/CAD had failed to reach the upper channel boundary for several trading sessions, the situation changed late on Wednesday when the pair surged up to the 1.2480 mark.
The expected breakout of the short-term falling wedge did not occur during the last 24 hours, as downside risks prevailed and thus pressured the Australian Dollar southwards.
As apparent on the chart, the common European currency has remained stable against the Yen.
Although previously the pair failed to break through the 1,290.93 level, a pressure from multiple technical indicators eventually pushed it to the bottom.
Unfortunately for the Yen, the buck traders managed to push the pair through a combined resistance formed by the monthly R2 at 112.54 in conjunction with the upper trend-line of a ten month long falling wedge pattern.
Contrary to expectations, the currency exchange rate did not make any significant moves yesterday and, for this reason, stayed in a falling wedge for additional day.
Unfortunately for the Euro, a shared border of two senior descending channels did not manage to withhold the rate from falling to the south.
The breakout of the senior channel early on Tuesday was followed by a fall down to the 0.7180 mark.
As apparent from the pair's movement during the past two trading sessions, the USD/CAD exchange rate has diminished its trading range within the bounds of the ascending channel and thus failed to reach either of its boundaries.
Downside risks that pressured the rate down to the 0.7870 mark on Tuesday have prevailed in this session, as well.
EUR/JPY continued to edge lower on Tuesday until the weekly S2 was reached mid-session.
An area around the 1,313.61 mark indeed represented a sort of benchmark, which bullion traders used to try to restore previously lost positions.
One of the ideas expressed yesterday appeared to be true. The currency pair, indeed, formed a minor descending channel and after forming the second reaction low used the 200-hour SMA as a springboard to break through a combined resistance set up by the weekly PP at 111.90 in conjunction with the 55- and 100-hour SMAs.
In accordance with expectations, a combined resistance formed by the 55-, 100- and 200-hour SMAs did not let the Pound to recover against the Dollar.
As it was expected, the Dollar continued to appreciate against the Euro and reached the bottom edge of medium-term descending channel yesterday.