The Canadian Dollar has been depreciating against the Swiss Franc since the beginning of December. This movement has been bounded in a descending channel pattern.
The currency pair breached the lower boundary of a dominant ascending channel at 0.7372 during the morning hours of Thursday’s trading session.
Given that a breakout had occurred, it is likely that the currency exchange rate will continue its decline within this session.
The short-term target for the CAD/CHF exchange rate will be near a swing low of 0.7344.
