USD/CAD bulls likely to prevail - Technical Analysis - Dukascopy Bank

Thu, 15 Oct 2020 07:49:59 GMT
Source: Dukascopy Bank SA
 
PositionsTodayYesterdayChange
Longs74%73%1.4%
Shorts26%27%-3.9%
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralBuyNeutral
Alligator(13;8;5)SellSellSell
SAR(0.02;0.2)BuySellBuy
Aggregate

The US Dollar surged by 40 points or 0.30% against the Canadian Dollar on Wednesday. The currency pair breached the 50– and 100– hour SMAs during Wednesday's trading session.

As for the near future, the exchange rate could continue to edge higher. Bullish traders are likely to target the upper line of a descending channel pattern during the following trading session.

However, the weekly pivot point at 1.3187 could provide resistance for the currency exchange rate within today's session.


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