The Canadian Dollar has declined by 108 pips or 1.53% against the Swiss Franc since last week’s trading sessions. The currency pair tested the 100– period simple moving average at 0.6939 on November 17.
Currently, the exchange rate is trading near the lower boundary of a descending channel pattern at 0.6978 and could be set for a breakout.
If the breakout occurs, a decline towards the weekly support level at 0.6865 could be expected during the following trading sessions.
However, if the channel pattern holds, bullish traders might target the 0.7050 area within next week’s trading sessions.
