USD/CAD bears could prevail - Technical Analysis - Dukascopy Bank
Mon, 23 Nov 2020 08:52:44 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
28%
26%
8.1%
Shorts
72%
74%
-3.2%
Indicator
4H
1D
1W
MACD(12;26;9)
Buy
Buy
Buy
RSI(14)
Neutral
Sell
Sell
Stochastic(5;3;3)
Neutral
Neutral
Sell
Alligator(13;8;5)
Buy
Buy
Buy
SAR(0.02;0.2)
Buy
Buy
Buy
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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