The USD/CAD currency pair has experienced a slight decline, trading around the exchange rate of 1.3890 during European trading hours on Friday. This move follows three consecutive days of gains, reflecting a temporary pullback. The recent price action suggests that traders are reassessing their positions after the upward momentum, leading to a modest retreat.
Despite the recent dip, technical analysis indicates that USD/CAD remains within an ascending channel pattern. This configuration hints at a sustained bullish bias in the market, with potential support near moving averages. As traders eye future movements, the resilience of this channel could play a crucial role in determining whether the pair will regain upward traction or continue to consolidate its gains.
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Data Source: FX Killer Analysis Team Updated: 2026-01-16 08:56
Disclaimer: This article is for reference only and does not constitute investment advice. Forex trading involves risks; please make decisions carefully.