USD/CAD likely to consolidate after decline

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Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 27% 28% -3.70%
Shorts 73% 72% 1.37%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Buy Neutral Sell
Stochastic (5; 3; 3) Buy Buy Sell
Alligator (13; 8; 5) Sell Buy Buy
SAR (0.02; 0.2) Sell Sell Buy
Aggregate ⇒ ⇗ ⇒

[ANNOUNCE]Downside risks have been dominating the USD/CAD exchange rate since Thursday's trading session. As a result, the US Dollar has depreciated about 210 base points against the Canadian Dollar.
[/ANNOUNCE]
The currency pair is gradually moving towards the lower boundary of an ascending channel pattern at 1.3350.

However, technical indicators flash mix signals. Therefore, it is likely that the currency exchange rate could consolidate below a resistance cluster formed by the weekly and the monthly PPs at 1.3489 today.

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