USD/CAD breakout occurs - Technical Analysis - Dukascopy Bank
Wed, 03 Feb 2021 08:38:44 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
73%
73%
-0.1%
Shorts
27%
27%
0.4%
Indicator
4H
1D
1W
MACD(12;26;9)
Buy
Buy
Sell
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Buy
Neutral
Neutral
Alligator(13;8;5)
Neutral
Buy
Sell
SAR(0.02;0.2)
Sell
Buy
Sell
Aggregate
⇒
⇗
⇘
The US Dollar edged lower by 81 pips or 0.63% against the Canadian Dollar on Tuesday. A breakout occurred through the lower boundary of an ascending channel pattern during yesterday's trading session.
Given that a breakout has occurred, bearish traders are likely to continue to pressure the exchange rate lower during the following trading sessions. The potential target for bears would be near the weekly S1 at 1.2677.
However, the 200– hour simple moving average at 1.2769 could provide support for the USD/CAD currency exchange rate in the short term.
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