USD/CAD decline to continue - Technical Analysis - Dukascopy Bank
Wed, 09 Dec 2020 08:45:05 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
74%
73%
2.1%
Shorts
26%
27%
-6.0%
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Neutral
Buy
Neutral
Stochastic(5;3;3)
Sell
Neutral
Buy
Alligator(13;8;5)
Sell
Sell
Sell
SAR(0.02;0.2)
Sell
Sell
Sell
Aggregate
⇓
⇘
⇘
The US Dollar surged by 51 pips or 0.40% against the Canadian Dollar on Tuesday. The USD/CAD currency pair breached the 1.2820 level during yesterday's trading session.
As for the near future, the exchange rate could continue to edge lower. Bearish traders are likely to target the lower line of a descending channel pattern during the following trading session.
However, a support level at the 1.2750 level could provide support for the currency exchange rate today.
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