USD/CAD two scenarios likely - Technical Analysis - Dukascopy Bank
Fri, 26 Mar 2021 08:09:38 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
67%
73%
-8.7%
Shorts
33%
27%
17.7%
Indicator
4H
1D
1W
MACD(12;26;9)
Buy
Sell
Sell
RSI(14)
Neutral
Neutral
Buy
Stochastic(5;3;3)
Neutral
Sell
Buy
Alligator(13;8;5)
Buy
Sell
Sell
SAR(0.02;0.2)
Buy
Buy
Sell
Aggregate
⇗
⇘
⇒
The US Dollar surged by 67 pips or 0.54% against the Canadian Dollar on Thursday. The currency pair breached the 50– hour simple moving average during yesterday's trading session.
Currently, the exchange rate is trading near the lower boundary of an ascending channel pattern and could be set for a breakout.
If the breakout occurs, a decline towards the 200– hour simple moving average at 1.2512 could be expected today.
However, if the channel pattern holds, the USD/CAD currency exchange rate is likely to continue to edge higher during the following trading session.
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