USD/CAD bears could prevail - Technical Analysis - Dukascopy Bank
Wed, 05 May 2021 07:52:31 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
72%
73%
-1.1%
Shorts
28%
27%
2.8%
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Neutral
Buy
Buy
Stochastic(5;3;3)
Neutral
Neutral
Buy
Alligator(13;8;5)
Sell
Sell
Sell
SAR(0.02;0.2)
Sell
Sell
Sell
Aggregate
⇘
⇘
⇒
The US Dollar edged higher by 75 pips or 0.61% against the Canadian Dollar during the first half of Tuesday's trading session. However, the currency pair erased the early profits at the end of the day.
Technical indicators suggest selling signals on the 4H, daily and weekly time-frame charts. The exchange rate is likely to continue to edge lower during the following trading session.
However, a support level at 1.2270 could provide support for the USD/CAD currency exchange rate today.
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