USD/CAD two scenarios likely - Technical Analysis - Dukascopy Bank
Thu, 13 May 2021 07:45:52 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
73%
70%
3.2%
Shorts
27%
30%
-8.3%
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Neutral
Buy
Buy
Stochastic(5;3;3)
Neutral
Buy
Buy
Alligator(13;8;5)
Sell
Sell
Sell
SAR(0.02;0.2)
Buy
Sell
Sell
Aggregate
⇒
⇒
⇒
The US Dollar surged by 72 pips or 0.59% against the Canadian Dollar on Wednesday. The currency pair breached the upper boundary of a descending channel pattern during the London open on Thursday.
The exchange rate is likely to continue to edge higher during the following trading session. The potential target for bullish traders could be near the 200– hour simple moving average at 1.2198.
On the other hand, the currency exchange rate might reverse from the current price level at 1.2137 and continue to decline in the descending channel pattern within this session.
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