USD/CAD breakout could occur - Technical Analysis - Dukascopy Bank
Wed, 25 Nov 2020 09:11:13 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
74%
71%
4.1%
Shorts
26%
29%
-11.6%
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Buy
Neutral
Neutral
Alligator(13;8;5)
Sell
Sell
Sell
SAR(0.02;0.2)
Sell
Sell
Sell
Aggregate
⇘
⇘
⇘
Downside risks dominated the US Dollar against the Canadian Dollar on Tuesday. As a result, the exchange rate plummeted by 95 points or 0.73% during yesterday's trading session.
Everything being equal, the currency pair could continue to decline during the following trading session. A breakout through the lower boundary of a descending channel pattern could occur.
However, if the channel pattern holds, bullish traders might control the market within this session.
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