USD/CAD likely to breach triangle

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 46% 42% 8.70%
Shorts 54% 58% -7.41%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Neutral Sell
Alligator (13; 8; 5) Sell Buy Buy
SAR (0.02; 0.2) Buy Sell Buy
Aggregate

The US Dollar was driven by a downside momentum on Monday as a result, the currency pair tested the lower boundary of an ascending trend-line.

The Greenback is gradually moving towards the border of a medium-term triangle and a breakout could be expected through the upper boundary within the following trading session.

Technical indicators demonstrate that the USD/CAD exchange rate might still push north for a potential target at 1.2949 which is the weekly pivot point. However, it is important to note that the 100– hour simple moving average could hinder such moves.

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