USD/CAD bulls likely to prevail - Technical Analysis - Dukascopy Bank
Thu, 15 Oct 2020 07:49:59 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
74%
73%
1.4%
Shorts
26%
27%
-3.9%
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Neutral
Buy
Neutral
Alligator(13;8;5)
Sell
Sell
Sell
SAR(0.02;0.2)
Buy
Sell
Buy
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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