The Canadian Dollar has been trading in a descending channel against the Swiss Franc since early January. During this period of decline, the currency pair has reached an eight-months low level of 0.7337.
The inability for the Loonie to make a new move upwards suggests that it might continue to fall. The CAD/CHF pair has reached the weekly S1 at 0.7344. If this support holds, there might be a brief retracement south to test the upper boundary.
Technical indicators flash bearish signals. This indicates bears’ dominance over the exchange rate is likely to grow stronger during the following trading sessions.
