USD/CAD two scenarios likely - Technical Analysis - Dukascopy Bank
Fri, 29 Jan 2021 07:55:07 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
64%
70%
-9.2%
Shorts
36%
30%
16.6%
Indicator
4H
1D
1W
MACD(12;26;9)
Buy
Sell
Sell
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Neutral
Neutral
Neutral
Alligator(13;8;5)
Buy
Neutral
Sell
SAR(0.02;0.2)
Buy
Buy
Sell
Aggregate
⇗
⇒
⇘
The US Dollar declined by 85 basis points or 0.66% against the Canadian Dollar on Thursday. The currency pair tested the support level at 1.2792 during yesterday's trading session.
Currently, the exchange rate is trading near the upper boundary of an ascending channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the 1.2950 level could be expected within this session.
However, if the channel pattern holds, bearish traders might pressure the currency exchange rate lower in the shorter term.
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