USD/CAD decline could continue - Technical Analysis - Dukascopy Bank
Wed, 03 Mar 2021 09:11:27 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
72%
72%
0.8%
Shorts
28%
28%
-2.2%
Indicator
4H
1D
1W
MACD(12;26;9)
Buy
Sell
Sell
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Neutral
Neutral
Buy
Alligator(13;8;5)
Neutral
Sell
Sell
SAR(0.02;0.2)
Sell
Buy
Sell
Aggregate
⇒
⇒
⇘
The US Dollar declined by 91 pips or 0.72% against the Canadian Dollar on Tuesday. The currency pair breached the 200– hour simple moving average during yesterday's trading session.
As for the near future, the exchange rate could continue to decline in a descending channel pattern. The potential target for bears would be near the weekly S1 at 1.2552.
However, the 200– hour SMA at 1.2617 could provide support for the currency exchange rate today.
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