USD/CAD potential breakout

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 39% 37% 5.13%
Shorts 61% 63% -3.28%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Neutral Neutral
Alligator (13; 8; 5) Neutral Buy Buy
SAR (0.02; 0.2) Buy Sell Buy
Aggregate

Upside risk dominated the USD/CAD currency pair on Tuesday. As a result, the US Dollar gained about 101 base points against the Canadian Dollar during the end of yesterday's session.

The exchange rate is currently trading near the upper boundary of a one-week descending channel pattern at 1.3280 and could be set for a breakout.

If the breakout occurs, the currency exchange raw will target November 30 swing high at 1.3320.

However, if the resistance level holds, the pair could aim for a support level set by the 100– and 200-hour SMAs at 1.3245.

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