Technical Analysis

USD/CAD continues in junior channel
Fri, 20 Jul 2018 11:09:59 GMT
Source: Dukascopy Bank SA
 

Positions Today Yesterday % Change
Longs 46% 43% 6.52%
Shorts 54% 57% -5.56%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Neutral Neutral Neutral
Alligator (13; 8; 5) Buy Buy Buy
SAR (0.02; 0.2) Buy Buy Buy
Aggregate

Bullish sentiment continues to drive the US Dollar upward against the Canadian Dollar. By the end of Thursday's session, the currency pair has gained 129 base points or 0.98%.

The exchange rate introduced no significant changes to its overall price range on Friday because of the pair pullback from the upper boundary of a junior ascending channel. This pullback could be considered to be a brief retracement.

Given that the USD/CAD currency exchange rate has been moving within yesterday trading range, it is unlikely that bulls would have enough strengthened to surpass the range today. 


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