USD/CAD decline likely to continue - Technical Analysis - Dukascopy Bank
Thu, 05 Nov 2020 08:42:01 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
73%
74%
-1.2%
Shorts
27%
26%
3.1%
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Neutral
Neutral
Neutral
Alligator(13;8;5)
Sell
Sell
Sell
SAR(0.02;0.2)
Buy
Sell
Buy
Aggregate
⇒
⇘
⇒
The US Dollar declined by 174 points or 1.33% against the Canadian Dollar during the first part of yesterday's trading session. However, the exchange rate rebounded by the end of the day.
As for the near future, the exchange rate could continue to edge lower. Bearish traders could drive the USD/CAD pair towards the 1.3050 level during the following trading session.
Though, a strong support level at the 1.3100 level could provide support for the currency exchange rate in the short term.
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