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USD/CAD narrow channel holding

Note: This section contains information in English only.
Source: Dukascopy Bank SA
PositionsTodayYesterdayChange
Longs26%31%-20.5%
Shorts74%69%7.2%
Indicator4H1D1W
MACD(12;26;9)BuyBuyBuy
RSI(14)SellNeutralNeutral
Stochastic(5;3;3)SellSellNeutral
Alligator(13;8;5)BuyBuyNeutral
SAR(0.02;0.2)BuyBuySell
Aggregate⇒⇗⇒

[ANNOUNCE]The US Dollar has been trading in a narrow ascending channel pattern against the Canadian Dollar since March 1. The narrow ascending channel has guided the currency pair towards January 24 high at 1.3360.[/ANNOUNCE]

Given that the channel pattern is too narrow, a breakout will occur within this session. Technical indicators demonstrate that the upside momentum could continue today.

From a theoretical point of view, the currency exchange rate supposes to make a pullback towards a support level formed by the weekly pivot point at 1.3240 during the following trading session.

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