USD/CAD decline likely to continue - Technical Analysis - Dukascopy Bank
Mon, 07 Dec 2020 08:16:15 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
73%
72%
1.7%
Shorts
27%
28%
-4.7%
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Buy
Buy
Neutral
Stochastic(5;3;3)
Buy
Buy
Buy
Alligator(13;8;5)
Sell
Sell
Sell
SAR(0.02;0.2)
Sell
Sell
Sell
Aggregate
⇒
⇒
⇘
The US Dollar declined by 93 points or 0.73% against the Canadian Dollar on Friday. The currency pair tested the lower boundary of a descending channel pattern during Friday's trading session.
Currently, the exchange rate is trading near the bottom border of the channel pattern at 1.2788 and could be set for a breakout.
If the breakout occurs, bearish traders are likely to continue to drive the price lower during the following trading session.
However, if the channel pattern holds, a surge towards a resistance cluster at 1.2853 could be expected today.
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