USD/CAD breakout occurs - Technical Analysis - Dukascopy Bank
Mon, 11 Jan 2021 09:09:21 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
73%
71%
2.2%
Shorts
27%
29%
-5.9%
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Neutral
Neutral
Buy
Alligator(13;8;5)
Neutral
Sell
Sell
SAR(0.02;0.2)
Buy
Sell
Sell
Aggregate
⇒
⇘
⇘
The US Dollar has surged by 89 pips or 0.70% against the Canadian Dollar since Friday's trading session. A breakout occurred through the upper boundary of an ascending channel pattern on Monday morning.
Given that a breakout has occurred, bullish traders are likely to continue to pressure the exchange rate higher during the following trading session. The potential target for the USD/CAD pair would be near the 1.2800 level.
However, the weekly resistance level at 1.2778 could provide resistance for the currency exchange rate within this session.
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