USD/CAD breakout likely to occur - Technical Analysis - Dukascopy Bank
Thu, 15 Apr 2021 08:16:22 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
59%
57%
4.1%
Shorts
41%
43%
-5.9%
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
Buy
Buy
Aggregate
⇘
⇒
⇒
The US Dollar has declined by 90 pips or 0.71% against the Canadian Dollar since yesterday's trading session. The currency pair breached a support level at 1.2520 on Thursday morning.
Currently, the exchange rate is trading near the lower boundary of a descending channel pattern and could be set for ab breakout.
If the breakout occurs, a decline towards the 1.2440 level could be expected within this session.
However, if the channel pattern holds, buyers could come into play during the following trading hours.
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