USD/CAD bounces off support

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 58% 54% 6.90%
Shorts 42% 46% -9.52%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Buy Neutral Neutral
Alligator (13; 8; 5) Sell Sell Buy
SAR (0.02; 0.2) Sell Sell Buy
Aggregate

Downside risks dominated the US Dollar against the Canadian Dollar on Friday, as it fell 0.73% during the end of the trading session. The resulted in the currency pair to breached both the 50–, 100-, and 200-hour SMAs.

However, the exchange rate bounced off the lower boundary of a newly formed junior ascending channel, and by the middle of the European trading session on Monday, the pair has reached near a resistance cluster at 1.3040.

It seems that the currency exchange rate might be hindered to make an upside movement today because of the resistance cluster mentioned above.  

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