USD/CAD likely to maintain channel - Technical Analysis - Dukascopy Bank
Wed, 11 Nov 2020 09:17:07 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
71%
72%
-1.7%
Shorts
29%
28%
4.2%
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 fell by 41 points or 0.31% against the Canadian Dollar on Tuesday. The decline was stopped by the 50– hour simple moving average at 1.3008 during yesterday's trading session.
Technical indicators suggest that the exchange rate is likely to maintain the descending channel pattern within this session. Bears might target the weekly support level at 1.2924.
However, given that the currency exchange rate is currently trading near the upper line of the channel pattern, a breakout could occur within this session.
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