USD/CAD Decline Likely To Continue
The US Dollar is gradually edging lower in a descending channel pattern against the Canadian Dollar. The currency pair declined by 30 points or 0.24% during the morning hours on Monday.
All things being equal, the exchange rate could continue to decline in the descending channel pattern during the following trading session. The potential target for bears would be near the 1.2800 area.
However, the 200– hour simple moving average at 1.2808 could provide support for the USD/CAD currency exchange rate in the shorter term.
Reprinted from ActionForex,the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.