USD/CAD two scenarios likely - Technical Analysis - Dukascopy Bank

Mon, 04 Jan 2021 08:26:45 GMT
Source: Dukascopy Bank SA
 
PositionsTodayYesterdayChange
Longs72%73%-2.1%
Shorts28%27%5.3%
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)BuyBuyNeutral
Stochastic(5;3;3)NeutralBuyNeutral
Alligator(13;8;5)SellSellSell
SAR(0.02;0.2)SellSellSell
Aggregate

The US Dollar has declined by 74 points or 0.58% against the Canadian Dollar since December 31. The currency pair was pressured lower by the 50– hour simple moving average.

Currently, the exchange rate is trading near the lower boundary of a descending channel pattern and could be set for a breakout.

If the breakout occurs, a decline towards the 1.2600 level could be expected within this session.

However, if the descending channel holds, bulls might pressure the currency exchange rate higher today.


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