USD/CAD is likely to decline - Technical Analysis - Dukascopy Bank
Thu, 06 May 2021 08:27:15 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
74%
72%
1.8%
Shorts
26%
28%
-5.2%
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 declined by 47 pips or 0.38% against the Canadian Dollar on Wednesday. The 50– hour simple moving average pressured the exchange rate lower during Wednesday's trading session.
Given that the 50– and 200– hour SMAs are above the price action, bearish traders are likely to continue to drive the currency pair lower during the following trading session. The possible target for sellers could be near the weekly S1 at 1.2204.
However, the support level at 1.2256 could still provide support for the USD/CAD currency exchange rate in the shorter term.
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