USD/CAD breakout occurs - Technical Analysis - Dukascopy Bank
Thu, 14 Jan 2021 08:25:47 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
73%
71%
2.2%
Shorts
27%
29%
-6.0%
Indicator
4H
1D
1W
MACD(12;26;9)
Buy
Sell
Sell
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Buy
Neutral
Buy
Alligator(13;8;5)
Neutral
Sell
Sell
SAR(0.02;0.2)
Sell
Buy
Sell
Aggregate
⇒
⇒
⇘
The US Dollar declined by 60 pips or 0.47% against the Canadian Dollar on Wednesday. A breakout occurred through the lower boundary of an ascending channel pattern during yesterday's trading session.
Given that a breakout had occurred, the USD/CAD exchange rate could continue to edge lower during the following trading session. The possible target for bears would be near the weekly support level at 1.2610.
However, the currency exchange rate could make a brief pullback towards the 200– hour simple moving average at 1.2718 within this session.
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