USD/CAD bears likely to prevail - Technical Analysis - Dukascopy Bank
Tue, 03 Nov 2020 08:13:33 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
75%
63%
15.8%
Shorts
25%
37%
-46.9%
Indicator
4H
1D
1W
MACD(12;26;9)
Buy
Buy
Sell
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Neutral
Neutral
Neutral
Alligator(13;8;5)
Buy
Buy
Sell
SAR(0.02;0.2)
Sell
Buy
Buy
Aggregate
⇒
⇗
⇒
Downside risks dominated the US Dollar against the Canadian Dollar on Monday. The currency pair declined by 155 basis points or 1.16% during yesterday's trading session.
As for the near future, the exchange rate could continue to decline. A breakout through the lower boundary of an ascending channel pattern is likely to occur within this session.
However, if the channel pattern holds, bullish traders could pressure the currency exchange rate towards the 1.3300 level today.
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