USD/CAD could continue to edge higher - Technical Analysis - Dukascopy Bank
Mon, 25 Jan 2021 07:51:08 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
75%
72%
3.0%
Shorts
25%
28%
-8.6%
Indicator
4H
1D
1W
MACD(12;26;9)
Buy
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 edged higher by 88 points or 0.69% against the Canadian Dollar on Friday. The currency pair tested the upper line of a descending channel pattern at 1.2732 during Friday's trading session.
All things being equal, the exchange rate is likely to continue to surge during the following trading session. A breakout through the upper boundary of the channel pattern could occur.
However, if the descending channel holds, bearish traders could pressure the currency exchange rate towards the weekly S1 at 1.2611 within this session.
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