The Canadian Dollar has been guided by two opposite channels against the Swiss Franc. The most important of the pattern is the three weeks junior descending channel.
After hitting the upper boundary of the junior descending channel on August 7, the currency pair made a U-turn south and had since lost 157 base points or 2.04% of its values.
Given that the 50-, 100-, and 200-hour SMAs are above the price action, this might indicates that the downwards momentum is likely to continue during the following trading sessions. The next target for bears could be the lower boundary of an ascending channel pattern.
