USD/CAD likely to maintain channel - Technical Analysis - Dukascopy Bank
Mon, 02 Nov 2020 07:51:51 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
63%
61%
3.3%
Shorts
37%
39%
-5.6%
Indicator
4H
1D
1W
MACD(12;26;9)
Buy
Buy
Sell
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Neutral
Neutral
Neutral
Alligator(13;8;5)
Buy
Buy
Sell
SAR(0.02;0.2)
Sell
Buy
Buy
Aggregate
⇒
⇗
⇒
The US Dollar declined by 33 points or 0.24% against the Canadian Dollar on Friday. The currency pair breached the 50– hour simple moving average support line at 1.3318 during Friday's trading session.
As for the near future, the exchange rate could continue to trend higher in an ascending channel pattern. Bullish traders are likely to target the 1.3400 level within this session.
However, if the currency exchange rate breaks a support cluster at the 1.3318 area, a decline towards the 1.3250 could be expected today.
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