USD/CAD bounces off support - Technical Analysis - Dukascopy Bank
Tue, 23 Mar 2021 09:03:01 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
74%
70%
4.1%
Shorts
26%
30%
-11.4%
Indicator
4H
1D
1W
MACD(12;26;9)
Buy
Sell
Sell
RSI(14)
Neutral
Neutral
Buy
Stochastic(5;3;3)
Neutral
Neutral
Buy
Alligator(13;8;5)
Buy
Sell
Sell
SAR(0.02;0.2)
Buy
Sell
Sell
Aggregate
⇗
⇘
`
The USD/CAD exchange rate rebounded from the lower boundary of an ascending channel pattern at 1.2470 on Monday. As a result, the US Dollar has edged higher by 83 pips or 0.66% against the Canadian Dollar since yesterday's trading session.
The currency pair is likely to continue to climb in the narrow ascending channel pattern during the following trading session. The possible target for buyers will be near the 1.2600 level.
However, the weekly R1 at 1.2575 could provide resistance for the currency exchange rate in the shorter term.
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