USD/CAD bounces off support - Technical Analysis - Dukascopy Bank
Tue, 02 Mar 2021 08:19:42 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
72%
70%
2.1%
Shorts
28%
30%
-5.3%
Indicator
4H
1D
1W
MACD(12;26;9)
Buy
Sell
Sell
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Sell
Sell
Buy
Alligator(13;8;5)
Buy
Sell
Sell
SAR(0.02;0.2)
Buy
Buy
Sell
Aggregate
⇗
⇘
⇘
The US Dollar declined by 71 pips or 0.56% against the Canadian Dollar on Monday. The currency pair breached the weekly pivot point at 1.2650 during Monday's trading session.
The exchange rate bounced off the weekly PP during the Asian session on Tuesday. Most likely, bullish traders could pressure the USD/CAD pair higher during the following trading session.
However, the upper line of a descending channel pattern might provide resistance for the currency exchange rate in the shorter term.
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