USD/CAD sets for breakout - Technical Analysis - Dukascopy Bank
Thu, 11 Feb 2021 08:57:00 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
74%
74%
0.0%
Shorts
26%
26%
-0.1%
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Neutral
Buy
Neutral
Alligator(13;8;5)
Sell
Sell
Sell
SAR(0.02;0.2)
Buy
Sell
Sell
Aggregate
⇒
⇘
⇘
The 50– hour simple moving average pressured the US Dollar lower against the Canadian Dollar on Wednesday. The currency pair tested the lower line of a descending channel pattern at 1.2674 during yesterday's trading session.
The exchange rate is currently trading near the lower boundary of a descending channel pattern and could be set for a breakout.
If the breakout occurs, a decline towards the 1.2600 level could be expected within this session.
However, if the channel pattern holds, bullish traders would pressure the currency exchange rate higher today.
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