Indicator | 4H | 1D | 1W |
MACD (12; 26; 9) | Buy | Sell | Sell |
RSI (14) | Neutral | Neutral | Neutral |
Stochastic (5; 3) | Neutral | Neutral | Neutral |
Alligator (13; 8; 5) | Buy | Sell | Sell |
SAR (0.02; 0.2) | Buy | Buy | Buy |
Aggregate | ⇒ | ⇒ | ⇒ |
The Canadian Dollar bounced off the bottom boundary of a junior ascending channel against the Japanese Yen at the end of May. As a result, the currency pair has formed a new channel up.
This ascending pattern has already managed to move past two significant resistance level. Namely, the 55-hour simple moving average and the weekly pivot point at 84.17. However, after the exchange rate pierced the 100– and 200– hour SMAs at 85.16 it made a U-turn south.
Everything being equal, it is likely that the CAD/JPY currency exchange rate continues to maintain the newly formed channel until it breached the upper boundary of a descending channel.