USD/CAD decline likely to continue - Technical Analysis - Dukascopy Bank
Mon, 28 Dec 2020 08:54:12 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
73%
75%
-2.9%
Shorts
27%
25%
7.7%
Indicator
4H
1D
1W
MACD(12;26;9)
Buy
Sell
Sell
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Neutral
Neutral
Neutral
Alligator(13;8;5)
Neutral
Neutral
Sell
SAR(0.02;0.2)
Sell
Buy
Sell
Aggregate
⇒
⇒
⇘
The US Dollar is gradually edging lower in a descending channel pattern against the Canadian Dollar. The currency pair declined by 30 points or 0.24% during the morning hours on Monday.
All things being equal, the exchange rate could continue to decline in the descending channel pattern during the following trading session. The potential target for bears would be near the 1.2800 area.
However, the 200– hour simple moving average at 1.2808 could provide support for the USD/CAD currency exchange rate in the shorter term.
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