USD/CAD reaches long term resistance

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 72% 73% -1.39%
Shorts 28% 27% 3.57%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Sell Sell
RSI (14) Neutral Buy Buy
Stochastic (5; 3; 3) Sell Sell Neutral
Alligator (13; 8; 5) Buy Sell Sell
SAR (0.02; 0.2) Buy Buy Sell
Aggregate

The USD/CAD currency exchange rate broke out of the triangle pattern soon after the analysis was published by the Duakscopy Research team. By the middle of Wednesday's trading session the currency exchange rate had also broken through the resistance of the weekly R1, which is located t the 1.2536 level. As a result of the surge, the pair reached the upper trend line of a long term ascending channel pattern near the 1.26 mark. However, the ascent of the Greenback against the Loonie has ended. The currency pair is most likely going to form a new descending channel pattern. Before that occurs the rate will attempt to find support in the before mentioned first weekly resistance level.

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