USD/CAD breakout likely to occur - Technical Analysis - Dukascopy Bank

Thu, 15 Apr 2021 08:16:22 GMT
Source: Dukascopy Bank SA
 
PositionsTodayYesterdayChange
Longs59%57%4.1%
Shorts41%43%-5.9%
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)BuyBuyNeutral
Alligator(13;8;5)SellSellSell
SAR(0.02;0.2)SellBuyBuy
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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