USD/CAD breakout occurs - Technical Analysis - Dukascopy Bank
Thu, 25 Feb 2021 09:37:07 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
75%
74%
1.2%
Shorts
25%
26%
-3.5%
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)
Sell
Sell
Sell
Aggregate
⇘
⇘
⇘
The US Dollar declined by 84 pips or 0.67% against the Canadian Dollar on Wednesday. A breakout occurred through the lower boundary of a descending channel pattern during yesterday's trading session.
Given that a breakout has occurred, bearish traders could continue to pressure the exchange rate lower during the following trading session. The potential target for bearish traders will be near the weekly S3 at 1.2402.
However, the weeklyS2 at 1.2498 could provide support for the currency exchange rate within this session.
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