USD/CAD bounces off trend-line

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 43% 47% -9.30%
Shorts 57% 53% 7.02%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Neutral
Alligator (13; 8; 5) Sell Sell Buy
SAR (0.02; 0.2) Sell Buy Buy
Aggregate

The US Dollar has revealed a new short-term pattern against the Canadian Dollar. The currency exchange rate is trading in a descending channel pattern. During the first half of Monday's trading session, the currency exchange rate bounced off from the resistance of the given channel just above the 1.3460 mark. As a result, the pair is heading lower to the newly calculated first weekly support level, which is located at the 1.3413 mark. Most likely, this level will be reached by the end of today's trading session. However, subsequent movement is unclear, as the rate might break the channel's resistance and rebound in accordance with the technical perspective or pass the support and be forced to a sharp fall down to the trend-line and a resistance of the weekly S1.

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.