USD/CAD breakout likely to occur - Technical Analysis - Dukascopy Bank
Thu, 18 Mar 2021 08:42:01 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
74%
74%
-1.0%
Shorts
26%
26%
2.8%
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Buy
Buy
Neutral
Alligator(13;8;5)
Sell
Sell
Sell
SAR(0.02;0.2)
Sell
Sell
Sell
Aggregate
⇘
⇘
⇘
Downside risks pressured the US Dollar against the Canadian Dollar on Wednesday. The USD/CAD currency pair declined by 112 pips or 0.90% during Wednesday's trading session.
Currently, the exchange rate is trading near the lower boundary of a descending channel pattern at 1.2395 and could be set for a breakout.
If the breakout occurs, a decline towards the weekly S2 at 1.2307 within this session.
However, if the channel pattern holds, a surge towards the 1.2485 area could be expected today.
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