USD/CAD breaks channel pattern - Technical Analysis - Dukascopy Bank
Mon, 01 Mar 2021 08:06:19 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
70%
75%
-6.6%
Shorts
30%
25%
15.5%
Indicator
4H
1D
1W
MACD(12;26;9)
Buy
Sell
Sell
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Sell
Sell
Buy
Alligator(13;8;5)
Buy
Sell
Sell
SAR(0.02;0.2)
Buy
Buy
Sell
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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