USD/CAD breakout could occur - Technical Analysis - Dukascopy Bank
Thu, 04 Feb 2021 08:27:11 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
72%
73%
-0.2%
Shorts
28%
27%
0.5%
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 declined by 43 pips or 0.34% against the Canadian Dollar on Wednesday. The decline was stopped by the 200– hour simple moving average during yesterday's trading session.
Currently, the exchange rate is trading near the lower boundary of an ascending channel pattern and could be set for a breakout.
If the breakout occurs, a decline towards the 1.2700 level could be expected within this session.
However, if the channel pattern holds, bullish traders could pressure the currency exchange rate higher during the following trading hours.
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