USD/CAD decline likely to continue - Technical Analysis - Dukascopy Bank
Tue, 06 Apr 2021 07:32:50 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
70%
63%
9.9%
Shorts
30%
37%
-23.2%
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Neutral
Buy
Neutral
Alligator(13;8;5)
Sell
Sell
Sell
SAR(0.02;0.2)
Sell
Buy
Buy
Aggregate
⇘
⇒
⇒
Downside risks dominated the US Dollar against the Canadian Dollar on Monday. The USD/CAD exchange rate fell by 81 pips or 0.64% during yesterday's trading session.
As for the near future, the currency pair is likely to continue to edge lower. Bearish traders could target the weekly support level at 1.2462 within the following trading session.
However, the weekly S1 at 1.2515 could provide support for the currency exchange rate in the shorter term.
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