USD/CAD two scenarios likely - Technical Analysis - Dukascopy Bank
Wed, 10 Feb 2021 08:19:48 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
74%
73%
1.3%
Shorts
26%
27%
-3.7%
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Buy
Neutral
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 declined by 70 pips or 0.55% against the Canadian Dollar on Tuesday. The currency pair breached the weekly support level at 1.2713 during Tuesday's trading session.
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, sellers could continue to pressure the USD/CAD pair lower within this session.
However, if the ascending channel holds, a surge towards the 100– hour simple moving average at 1.2765 could be expected today.
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