USD/CAD breakout occurs - Technical Analysis - Dukascopy Bank
Mon, 08 Feb 2021 08:15:36 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
73%
71%
2.5%
Shorts
27%
29%
-6.8%
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Buy
Sell
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Buy
Neutral
Neutral
Alligator(13;8;5)
Sell
Buy
Sell
SAR(0.02;0.2)
Sell
Buy
Sell
Aggregate
⇘
⇗
⇘
Downside risks dominated the US Dollar against the Canadian Dollar on Friday. As a result, a breakout occurred through the lower boundary of an ascending channel pattern.
Given that a breakout had occurred, the currency pair could continue to edge lower during the following trading session. The potential target for bearish traders would be near the 1.2700 level.
However, a support line at 12740 could provide a barrier for the currency exchange rate within this session.
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