USD/CAD breakout could occur - Technical Analysis - Dukascopy Bank

Wed, 27 Jan 2021 07:46:44 GMT
Source: Dukascopy Bank SA
 
PositionsTodayYesterdayChange
Longs71%74%-3.5%
Shorts29%26%8.6%
Indicator4H1D1W
MACD(12;26;9)BuySellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)BuyNeutralBuy
Alligator(13;8;5)BuySellSell
SAR(0.02;0.2)SellBuySell
Aggregate

The US Dollar declined by 91 pips or 0.71% against the Canadian Dollar on Tuesday. The decline was stopped by the 100– hour simple moving average at 1.2689 during yesterday's trading session.

Given that the exchange rate is currently trading near the lower boundary of an ascending channel pattern at 1.2711, a breakout could occur within this session. 

If the breakout occurs, bearish traders could aim at the weekly support level at 1.2611 today.

However, if the channel pattern holds, the currency exchange rate could target the 1.2800 during the following trading session.


Back to feed
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.