USD/CAD breakout occurs - Technical Analysis - Dukascopy Bank
Fri, 04 Dec 2020 08:55:57 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
72%
71%
1.3%
Shorts
28%
29%
-3.3%
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Neutral
Buy
Neutral
Stochastic(5;3;3)
Neutral
Buy
Buy
Alligator(13;8;5)
Sell
Sell
Sell
SAR(0.02;0.2)
Sell
Sell
Sell
Aggregate
⇘
⇒
⇘
The US Dollar declined by 82 basis points or 0.64% against the Canadian Dollar on Thursday. A breakout occurred through the lower boundary of a descending channel pattern during yesterday's trading session.
Given that a breakout has occurred, bearish traders are likely to continue to pressure the exchange rate lower within this session. The possible target for bears would be at the 1.2820 area.
Although, the currency exchange rate could make a brief retracement towards the 50– hour simple moving average at 1.2907 in the shorter term.
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