USD/CAD bounces off support - Technical Analysis - Dukascopy Bank
Fri, 12 Feb 2021 08:14:43 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
74%
74%
0.5%
Shorts
26%
26%
-1.5%
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Neutral
Buy
Neutral
Alligator(13;8;5)
Sell
Sell
Sell
SAR(0.02;0.2)
Buy
Sell
Sell
Aggregate
⇒
⇘
⇘
The USD/CAD exchange rate bounced off from the lower line of a descending channel pattern on Thursday. As a result, the US Dollar has surged by 66 pips or 0.52% against the Canadian Dollar since yesterday's trading session.
Given that the currency pair has bounced off the lower line of the channel pattern, bullish traders are likely to pressure the price higher during the following trading session.
However, the 200– hour simple moving average at 1.2758 could provide resistance for the currency exchange rate during Friday's trading session.
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