USD/CAD bulls likely to prevail - Technical Analysis - Dukascopy Bank
Thu, 19 Nov 2020 09:27:21 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
73%
71%
3.3%
Shorts
27%
29%
-9.0%
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Neutral
Neutral
Neutral
Alligator(13;8;5)
Sell
Sell
Sell
SAR(0.02;0.2)
Sell
Sell
Sell
Aggregate
⇘
⇘
⇘
The USD/CAD exchange rate bounced off from a support level formed by the lower boundary of an ascending channel pattern at 1.3040 during the end of yesterday's trading session. As a result, the Greenback surged by 72 pips or 0.55% against the Canadian Dollar.
Everything being equal, the currency pair is likely to continue to trend bullish during the following trading session. The potential target for bulls would be near the 1.3140 level.
However, a resistance line at the 1.3120 area could provide a barrier for bullish traders in the shorter term.
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