USD/CAD breakout occurs - Technical Analysis - Dukascopy Bank
Thu, 01 Apr 2021 07:44:58 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
63%
59%
7.2%
Shorts
37%
41%
-12.4%
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)
Neutral
Neutral
Sell
SAR(0.02;0.2)
Sell
Buy
Buy
Aggregate
⇒
⇒
⇒
The US Dollar declined by 85 pips or 0.67% against the Canadian Dollar on Thursday. A breakout occurred through the lower boundary of an ascending channel pattern during yesterday's trading session.
Given that a breakout has occurred, the USD/CAD exchange rate could continue to edge lower during the following trading session. The potential target for bearish traders will be near the 1.25200 area.
However, the weekly pivot point at 1.2560 could still provide support for the currency exchange rate within this session.
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