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

Tue, 05 Jan 2021 08:01:15 GMT
Source: Dukascopy Bank SA
 
PositionsTodayYesterdayChange
Longs73%72%1.6%
Shorts27%28%-4.3%
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)BuyBuyNeutral
Stochastic(5;3;3)NeutralBuyNeutral
Alligator(13;8;5)SellSellSell
SAR(0.02;0.2)SellSellSell
Aggregate

The USD/CAD currency pair bounced off from the lower line of a descending channel pattern at 1.2665 on Monday. As a result, the US Dollar rose by 100 basis points or 0.85% during yesterday's trading session.

All things being equal, the exchange rate could continue to edge higher during the following trading session. A breakout through the upper boundary of the channel pattern could occur.

However, if the descending channel hold, bears could pressure the currency exchange rate towards the 1.2665 area within this session.


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