USD/CAD breakout occurs - Technical Analysis - Dukascopy Bank
Fri, 14 May 2021 07:05:27 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
73%
73%
1.2%
Shorts
27%
27%
-3.3%
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 81 pips or 0.67% against the Canadian Dollar on Thursday. A breakout occurred through the upper boundary of a descending channel pattern during yesterday' trading session.
Given that a breakout has occurred, the exchange rate could continue to trend bullish during the following trading session. The potential target for the currency pair would be near the 1.2250 area.
However, the 200– hour simple moving average at 1.2178 could provide resistance for the currency exchange rate within this session.
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