USD/CAD breaks channel pattern - Technical Analysis - Dukascopy Bank

Mon, 01 Mar 2021 08:06:19 GMT
Source: Dukascopy Bank SA
 
PositionsTodayYesterdayChange
Longs70%75%-6.6%
Shorts30%25%15.5%
Indicator4H1D1W
MACD(12;26;9)BuySellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)SellSellBuy
Alligator(13;8;5)BuySellSell
SAR(0.02;0.2)BuyBuySell
Aggregate

Upside risks dominated the US Dollar against the Canadian Dollar on Friday. As a result, a breakout through the upper boundary of a descending channel pattern occurred during Friday's trading session.

Given that a breakout has occurred, bullish traders are likely to continue to pressure the exchange rate higher during the following trading session. The potential target for buyers would be at the psychological resistance level at the 1.2800 level.

However, a resistance line at 1.2750 could provide resistance for the currency exchange rate within this session.


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