USD/CAD breakout occurs - Technical Analysis - Dukascopy Bank
Tue, 30 Mar 2021 07:49:59 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
65%
67%
-1.8%
Shorts
35%
33%
3.4%
Indicator
4H
1D
1W
MACD(12;26;9)
Buy
Sell
Sell
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Neutral
Neutral
Neutral
Alligator(13;8;5)
Buy
Neutral
Sell
SAR(0.02;0.2)
Buy
Buy
Sell
Aggregate
⇗
⇒
⇘
The US Dollar declined by 37 pips or 0.29% against the Canadian Dollar on Monday. A breakout occurred through the lower boundary of an ascending channel pattern during yesterday's trading session.
Given that a breakout has occurred, the exchange rate could continue to edge lower during the following trading session. The potential target for USD/CAD will be near the 200– hour SMA at 1.2542.
However, technical indicators suggest on the 4H time-frame chart that the currency exchange rate is likely to surge within this session.
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