USD/CAD breaks descending channel

Note: This section contains information in English only.
Source: Dukascopy Bank SA
PositionsTodayYesterdayChange
Longs74%72%3.0%
Shorts26%28%-8.6%
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)NeutralNeutralBuy
Stochastic(5;3;3)NeutralNeutralBuy
Alligator(13;8;5)SellSellSell
SAR(0.02;0.2)BuySellSell
Aggregate

The USD/CAD currency pair bounced off a support level formed by the lower line of a descending channel pattern at 1.2009 on Tuesday. As a result, the exchange rate has surged by 75 pips or 0.62% since Tuesday's trading session.

Given that a breakout had occurred through the upper boundary of the ascending channel pattern, buyers could aim at the 1.2120 level during the following trading session.

However, a resistance line at 1.2091 might provide resistance for the currency exchange rate in the shorter term.

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