USD/CAD bears likely to pressure - Technical Analysis - Dukascopy Bank
Wed, 06 Jan 2021 08:04:39 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
72%
73%
-0.9%
Shorts
28%
27%
2.4%
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Neutral
Buy
Neutral
Stochastic(5;3;3)
Buy
Buy
Neutral
Alligator(13;8;5)
Sell
Sell
Sell
SAR(0.02;0.2)
Sell
Sell
Sell
Aggregate
⇘
⇒
⇘
The US Dollar edged lower by 122 pips or 0.96% against the Canadian Dollar on Tuesday. The currency pair tested the lower boundary of a descending channel pattern at 1.2665 during yesterday's trading session.
Bears are likely to continue to pressure the USD/CAD exchange rate lower during the following trading session. A breakout through the bottom border of the descending channel pattern could occur.
However, if the channel pattern holds, the exchange rate would make a brief pullback towards the 100– hour simple moving average at 1.2736 within this session.
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