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USD/CAD likely to maintain junior channel

Note: This section contains information in English only.
Source: Dukascopy Bank SA
PositionsTodayYesterdayChange
Longs28%28%2.4%
Shorts72%72%-1.0%
Indicator4H1D1W
MACD(12;26;9)SellBuyBuy
RSI(14)NeutralNeutralSell
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)SellBuyBuy
SAR(0.02;0.2)BuyBuyBuy
Aggregate⇒⇗⇗

[ANNOUNCE]The US Dollar declined by 81 pips or 0.58% against the Canadian Dollar on Friday. The currency pair tested the upper boundary of a junior descending channel pattern at 1.4118 during Friday's trading session. [/ANNOUNCE]

As for the near future, the exchange rate will most likely continue to trade in the junior descending channel pattern. The potential target for the USD/CAD pair would be at the weekly S1 at 1.3973.

However, given that the currency exchange rate is currently trading near the upper boundary of the junior descending channel pattern, a breakout might occur within this session.

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27 Apr 2020

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