USD/CAD bears likely to prevail - Technical Analysis - Dukascopy Bank
Tue, 11 May 2021 08:17:29 GMT
Source: Dukascopy Bank SA
Positions
Today
Yesterday
Change
Longs
75%
71%
5.0%
Shorts
25%
29%
-14.8%
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Buy
Buy
Buy
Stochastic(5;3;3)
Neutral
Buy
Buy
Alligator(13;8;5)
Sell
Sell
Sell
SAR(0.02;0.2)
Sell
Sell
Sell
Aggregate
⇘
⇒
⇒
The US Dollar has continued to edge lower against the Canadian Dollar in a descending channel pattern. The USD/CAD currency pair fell by 48 pips or 0.48% during yesterday's trading session.
Technical indicators suggest selling signals on the 4H, daily and weekly time-frame charts. Bearish traders might continue to drive the price lower during the following trading session.
However, the support level at 1.2080 could provide support for the currency exchange rate in the short term.
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