USD/CAD decline could continue - Technical Analysis - Dukascopy Bank
Mon, 12 Oct 2020 07:36:50 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
72%
73%
-1.1%
Shorts
28%
27%
2.7%
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Buy
Neutral
Neutral
Stochastic(5;3;3)
Buy
Buy
Neutral
Alligator(13;8;5)
Sell
Sell
Sell
SAR(0.02;0.2)
Sell
Sell
Buy
Aggregate
⇒
⇘
⇒
The US Dollar declined by 70 basis points or 0.53% against the Canadian Dollar on Friday. The currency pair tested the lower boundary of a descending channel pattern during Friday's trading session.
Technical indicators suggest selling signals on the 4-hour and daily time-frame charts. Therefore, bears could continue to pressure the exchange rate lower within this session.
However, the lower line of the descending channel pattern might provide support for the USD/CAD currency exchange rate in the shorter term.
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