USD/CAD breakout occurs - Technical Analysis - Dukascopy Bank
Wed, 07 Oct 2020 07:49:26 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
71%
72%
-2.1%
Shorts
29%
28%
5.0%
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Buy
Sell
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Sell
Neutral
Neutral
Alligator(13;8;5)
Neutral
Buy
Sell
SAR(0.02;0.2)
Buy
Sell
Buy
Aggregate
⇒
⇒
⇒
The US Dollar surged by 72 basis points or 0.54% against the Canadian Dollar on Tuesday. The currency pair tested a resistance cluster formed by the weekly pivot point and the 200– hour SMA at 1.3330 on Wednesday morning.
As for the near future, the US/CAD exchange rate could continue to edge higher. Bullish traders are likely to target the weekly R1 at 1.3394 during the following trading session.
However, the 200– hour simple moving average could still provide resistance for the currency exchange rate in the shorter term.
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