USD/CAD bounces off support - Technical Analysis - Dukascopy Bank
Tue, 16 Feb 2021 08:43:59 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
75%
70%
6.1%
Shorts
25%
30%
-18.3%
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 fell by 58 pips or 0.45% against the Canadian Dollar on Monday. The currency pair tested the lower line of a descending channel pattern at 1.2610 on Tuesday morning.
Given that the exchange rate has bounced off the bottom border of the descending channel, a surge towards an order block near the 1.2674 could be expected within this session.
However, a resistance line at 1.2639 could provide resistance for the currency exchange rate in the shorter term.
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