USD/CAD decline likely to continue - Technical Analysis - Dukascopy Bank
Mon, 19 Apr 2021 08:07:08 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
74%
64%
14.3%
Shorts
26%
36%
-41.0%
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Neutral
Neutral
Neutral
Alligator(13;8;5)
Sell
Sell
Sell
SAR(0.02;0.2)
Buy
Sell
Buy
Aggregate
⇒
⇘
⇒
The US Dollar has declined by 80 pips or 0.63% against the Canadian Dollar since last Friday. The currency pair breached the support level at 1.2487 during the London session on Monday.
Given that the exchange rate has breached the 1.2487 area, bearish traders are likely to continue to pressure the USD/CAD pair lower during the following trading session.
However, a support level at 1.2445 could provide support for the currency exchange rate within this session.
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