USD/CAD two scenarios likely - Technical Analysis - Dukascopy Bank
Mon, 04 Jan 2021 08:26:45 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
72%
73%
-2.1%
Shorts
28%
27%
5.3%
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Buy
Buy
Neutral
Stochastic(5;3;3)
Neutral
Buy
Neutral
Alligator(13;8;5)
Sell
Sell
Sell
SAR(0.02;0.2)
Sell
Sell
Sell
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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