USD/CAD bullish run likely to continue - Technical Analysis - Dukascopy Bank
Mon, 21 Dec 2020 08:14:49 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
73%
71%
2.3%
Shorts
27%
29%
-6.3%
Indicator
4H
1D
1W
MACD(12;26;9)
Buy
Sell
Sell
RSI(14)
Sell
Neutral
Buy
Stochastic(5;3;3)
Sell
Neutral
Buy
Alligator(13;8;5)
Buy
Sell
Sell
SAR(0.02;0.2)
Buy
Buy
Sell
Aggregate
⇒
⇒
⇒
Upside risks have dominated the US Dollar against the Canadian Dollar since Friday's trading session. A breakout occurred through the upper line of a descending channel pattern on Friday.
Given that a breakout has occurred, bullish traders are likely to continue to push the exchange rate higher during the following trading session. The possible target for bulls would be near the weekly R3 at 1.2950.
On the other hand, the currency exchange rate might make a brief pullback towards a support cluster at 1.2757 within this session.
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