USD/CAD bears could prevail - Technical Analysis - Dukascopy Bank
Mon, 15 Mar 2021 08:06:42 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
75%
72%
3.1%
Shorts
25%
28%
-9.3%
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Buy
Buy
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 declined by 109 pips or 0.87% against the Canadian Dollar on Friday. The currency pair was pressured lower by the 50– hour simple moving average during last week's trading sessions.
The exchange rate could continue to edge lower in a descending channel pattern during the following trading session. The potential target for sellers will be near the weekly S1 at 1.2390.
However, the USD/CAD currency exchange rate could make a brief retracement towards a resistance cluster at the 1.2550 level within this session.
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