USD/CAD breakout occurs - Technical Analysis - Dukascopy Bank
Wed, 21 Oct 2020 08:59:48 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
73%
72%
1.5%
Shorts
27%
28%
-4.2%
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Buy
Neutral
Neutral
Stochastic(5;3;3)
Buy
Neutral
Neutral
Alligator(13;8;5)
Sell
Sell
Sell
SAR(0.02;0.2)
Sell
Sell
Buy
Aggregate
⇒
⇘
⇒
The US Dollar declined by 93 basis points or 0.70% against the Canadian Dollar on Tuesday. A breakout occurred through the lower boundary of an ascending channel pattern during Tuesday's trading session.
Given that a breakout occurred, bearish traders could continue to trend bearish during the following trading session. The potential target for bears would be near the weekly support level at 1.3022.
On the other hand, the currency exchange rate could make a brief retracement towards the resistance cluster at 1.3159 within this session.
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