USD/CAD bulls likely to prevail - Technical Analysis - Dukascopy Bank

Thu, 19 Nov 2020 09:27:21 GMT
Source: Dukascopy Bank SA
 
PositionsTodayYesterdayChange
Longs73%71%3.3%
Shorts27%29%-9.0%
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)SellSellSell
SAR(0.02;0.2)SellSellSell
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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