USD/CAD breakout could occur - Technical Analysis - Dukascopy Bank

Wed, 25 Nov 2020 09:11:13 GMT
Source: Dukascopy Bank SA
 
PositionsTodayYesterdayChange
Longs74%71%4.1%
Shorts26%29%-11.6%
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)BuyNeutralNeutral
Alligator(13;8;5)SellSellSell
SAR(0.02;0.2)SellSellSell
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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