USD/CAD two scenarios likely - Technical Analysis - Dukascopy Bank
Tue, 06 Oct 2020 08:24:14 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
72%
64%
11.0%
Shorts
28%
36%
-28.3%
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Buy
Sell
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Neutral
Neutral
Neutral
Alligator(13;8;5)
Sell
Buy
Sell
SAR(0.02;0.2)
Buy
Sell
Buy
Aggregate
⇒
⇒
⇒
The US Dollar declined by 31 points or 0.23% against the Canadian Dollar on Monday. The currency pair tested a support cluster formed by the monthly PP and the weekly S1 at 1.3243 on Tuesday morning.
All things being equal, the USD/CAD exchange rate could continue to edge lower during the following trading session. The potential target for bears would be at the 1.3177 level.
However, given that the currency exchange rate is currently trading near the upper boundary of a descending channel pattern, a breakout might occur during the following trading session.
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