USD/CAD passes support zone and reveals pattern

Note: This section contains information in English only.
Source: Dukascopy Bank SA


On Wednesday, the USD/CAD managed to reach below the support zone of 1.2565/1.2575. However, afterwards the rate did not sharply decline. More in-depth research revealed that the currency pair has been declining in a channel down pattern since March 17.

At mid-day on Thursday, the pair was trading between the 1.2560 and 1.2580 level, mostly ignoring technical levels. In regards to the near term future, the exchange rate has room to fluctuate sideways in the pattern until the upper trend line of the channel down pattern reaches it on Friday morning.

A potential decline of the USD/CAD from the trend line might look for support in round exchange rate levels, before the pair reaches the lower trend line of the channel down pattern in the 1.2520/1.2540 range.

On the other hand, a surge above the trend line could encounter resistance in the March low level at 1.2588 and the 1.2600 mark.
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