USD/CAD two scenarios likely - Technical Analysis - Dukascopy Bank
Thu, 10 Dec 2020 08:15:32 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 edged higher by 56 points or 0.44% against the Canadian Dollar on Wednesday. The currency pair made a new daily higher at 1.2830 during yesterday's trading session.
Technical indicators suggest selling signals on the 4H time-frame chart. Most likely, the USD/CAD exchange rate could continue to trend in a descending channel pattern during the following trading session.
On the other hand, the currency exchange rate might reverse from the current price line at 1.2805 and target the upper boundary of the channel pattern at 1.2853 today.
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