USD/CAD decline likely to continue - Technical Analysis - Dukascopy Bank
Mon, 30 Nov 2020 08:23:33 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
73%
71%
2.4%
Shorts
27%
29%
-6.5%
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)
Sell
Buy
Sell
Aggregate
⇘
⇒
⇘
The US Dollar declined by 50 points or 0.38% against the Canadian Dollar on Friday. The currency pair breached the 50– hour simple moving average at 1.3008 during Friday's trading session.
All things being equal, the exchange rate could continue to edge lower in a descending channel pattern. A breakout through the lower boundary of the channel pattern could occur within this session.
Furthermore, technical indicators suggest that bears are likely to dominate today's trading session.
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