USD/CAD sets for breakout - Technical Analysis - Dukascopy Bank
Fri, 22 Jan 2021 07:24:23 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
72%
71%
2.4%
Shorts
28%
29%
-6.2%
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Sell
Neutral
Buy
Alligator(13;8;5)
Sell
Sell
Sell
SAR(0.02;0.2)
Buy
Sell
Sell
Aggregate
⇘
⇘
⇘
The US Dollar has surged by 70 pips or 0.55% against the Canadian Dollar since Thursday's trading session. The currency pair breached the 50– hour simple moving average at 1.2647 on Friday morning.
Currently, the exchange rate is trading near the upper line of a descending channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the weekly pivot point at 1.2729 could be expected today.
However, if the channel pattern holds, bears could continue to drive the currency exchange rate lower during the following trading session.
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