The Canadian Dollar has been depreciating against the Swiss Franc after the exchange rate reversed south from the upper boundary of the long-term descending channel at 0.7620.
Given that the currency pair is pressured by the 55-, 100– and 200-hour SMAs, it is expected, that bears could prevail in the market. Note, that the pair has to surpass the Fibonacci 23.60% retracement at 0.7408.
If the given support level holds, it is likely, that the rate could reverse north and reach the Fibonacci 38.20% retracement at 0.7501.
