USD/CAD breakout occurs - Technical Analysis - Dukascopy Bank

Fri, 16 Oct 2020 06:51:57 GMT
Source: Dukascopy Bank SA
 
PositionsTodayYesterdayChange
Longs71%74%-4.9%
Shorts29%26%11.7%
Indicator4H1D1W
MACD(12;26;9)BuySellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)BuySellSell
SAR(0.02;0.2)BuySellBuy
Aggregate

The US Dollar surged by 97 basis points or 0.74% against the Canadian Dollar on Thursday. A breakout occurred through the upper line of a descending channel pattern during Thursday's trading session.

Given that a breakout has occurred, the exchange rate could continue to trend bullish during the following trading session. The possible target for the USD/CAD pair would be at the 1.3300 level.

However, the currency exchange rate is likely to make a brief pullback towards the 200– hour simple moving average at 1.3194 within this session.


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