USD/CAD breaks pattern

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Source: Dukascopy Bank SA


The USD/CAD currency pair encountered resistance in the 1.2880 mark and declined. The decline broke the channel up pattern, which had guided the rate up since the previous Friday. The move occurred due to an all-out decline of the US Dollar. Namely, the US Dollar index was observed to be going down in the aftermath of touching 2002 levels. During the early Friday's trading hours, the pair had reached below the 1.2750 mark.

The next target for the rate's decline was the 1.2700 level, which could soon be strengthened by the 200-hour simple moving average. Afterwards, the 1.2675/1.2685 zone is expected to slow down the US Dollar's decline against the Canadian Dollar.

On the other hand, a recovery of the pair is expected to encounter resistance in the 100-hour simple moving average near 1.2790, the 1.2800 mark and the 50-hour SMA at 1.2815.
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