USD/CAD decline could continue - Technical Analysis - Dukascopy Bank
Tue, 23 Feb 2021 07:50:47 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
70%
71%
-0.9%
Shorts
30%
29%
2.1%
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Buy
Neutral
Neutral
Alligator(13;8;5)
Sell
Sell
Sell
SAR(0.02;0.2)
Sell
Sell
Sell
Aggregate
⇘
⇘
⇘
During the first half of Monday's trading session, the US Dollar surged by 63 pips or 0.50% against the Canadian Dollar. However, the USD/CAD exchange rate abandoned the earlier gains at the end of the day.
All things being equal, the currency pair is likely to continue to decline. A breakout through the lower line of a descending channel pattern could occur within the following trading session.
Although, if the channel pattern holds, buyers could pressure the currency exchange rate higher towards the weekly pivot point at 1.2650 during the following trading session.
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