The pair is set to face the resistance of a pattern and the 55-hour at the 1.2620 mark. Afterwards, the decline of the US Dollar against the Loonie is most likely going to continue. In that scenario the currency exchange rate would reach for the next closest , which already on Monday was located at the 1.25 mark. At that level the support of the channel and the weekly S1 were located at.
However, the pair faces a long term support line, which might stop the decline.
The release was covered on the Dukascopy online webinar by our analyst, and it was almost a certainty that the pair will bounce off the resistance. Moreover, beforehand a larger scale channel down was mapped, and the rate stopped its release fall exactly at that line.
In regards to the near future, the pair will continue the decline influenced by both pattern trend lines until it reaches the weekly S1 at the 1.25 mark.
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