USD/CAD bears could prevail - Technical Analysis - Dukascopy Bank

Mon, 23 Nov 2020 08:52:44 GMT
Source: Dukascopy Bank SA
 
PositionsTodayYesterdayChange
Longs28%26%8.1%
Shorts72%74%-3.2%
Indicator4H1D1W
MACD(12;26;9)BuyBuyBuy
RSI(14)NeutralSellSell
Stochastic(5;3;3)NeutralNeutralSell
Alligator(13;8;5)BuyBuyBuy
SAR(0.02;0.2)BuyBuyBuy
Aggregate

The US Dollar surged by 47 points or 0.36% against the Canadian Dollar on Friday. The gains were stopped by the 200– hour SMA at 1.3088 during Friday's session.

Downside momentum dominated the exchange rate during the Asian session on Monday. As a result, a breakout through the lower boundary of an ascending channel pattern occurred.

Given that a breakout had occurred, bearish traders could target the 1.3020 area today.

However, the weekly S1 at 1.3038 could provide support for the currency exchange rate during the following trading session.


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