USD/CAD breakout could occur - Technical Analysis - Dukascopy Bank
Wed, 02 Dec 2020 08:09:08 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
75%
75%
-0.2%
Shorts
25%
25%
0.7%
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)
Buy
Sell
Sell
Aggregate
⇒
⇘
⇘
The US Dollar has surged by 77 pips or 0.59% against the Canadian Dollar on Tuesday. The currency pair was pressured lower by the 50– hour simple moving average during yesterday's trading session.
Currently, the exchange rate is trading near the lower boundary of a descending channel pattern and could be set for a breakout.
If the breakout occurs, a decline towards the weekly S2 at 1.2882 could be expected during the following trading session.
However, if the channel pattern holds, the currency exchange rate could make a brief pullback today.
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