USD/CAD likely to maintain channel - Technical Analysis - Dukascopy Bank
Tue, 26 Jan 2021 07:58:07 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
74%
75%
-1.3%
Shorts
26%
25%
3.6%
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 surged by 64 basis points or 0.51% against the Canadian Dollar on Monday. The currency pair bounced off the lower boundary of an ascending channel pattern during yesterday's trading session.
Everything being equal, the USD/CAD exchange rate is likely to continue to edge higher in the ascending channel pattern. Bulls could target the weekly R1 at 1.2822 within this session.
However, a resistance level at 1.2793 could provide resistance for the currency exchange rate today.
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