USD/CAD bears could prevail - Technical Analysis - Dukascopy Bank
Thu, 17 Dec 2020 08:53:51 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
73%
75%
-2.1%
Shorts
27%
25%
5.7%
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Neutral
Buy
Buy
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 surged by 59 pips or 0.47% against the Canadian Dollar on Wednesday. The currency pair pierced the 200– hour SMA resistance line at 1.2768 during Wednesday's trading session.
Everything being equal, the exchange rate is likely to maintain trading in a descending channel pattern during the following trading session. The possible target for bears will be at the 1.2650 area.
However, the weekly support level at 1.2703 could still provide support for the currency exchange rate in the shorter term.
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