| Positions | Today | Yesterday | % Change | |
| Longs | 66% | 68% | -3.03% | |
| Shorts | 34% | 32% | 5.88% | |
| Indicator | 4H | 1D | 1W | |
| MACD (12; 26; 9) | Sell | Sell | Sell | |
| RSI (14) | Neutral | Buy | Buy | |
| Stochastic (5; 3; 3) | Sell | Sell | Neutral | |
| Alligator (13; 8; 5) | Neutral | Sell | Sell | |
| SAR (0.02; 0.2) | Sell | Sell | Sell | |
| Aggregate | ⇘ | ⇘ | ⇘ | |
USD/CAD was trading in a narrow range on Thursday morning. The situation changed mid-session when the positive impact of the US CPI data at 1230GMT initiated a buying spree for bulls. As a result, the rate was pushed above a significant resistance cluster formed by the monthly S2, the weekly PP, the 200-hour SMA and the 23.6% Fibo.
This upside momentum, however, was short-lived, as the rate fell below the pressure of the aforementioned resistance and returned at the lower channel boundary. Technical indicators suggest that a further decline is likely. In case the US Dollar depreciates, no barriers are restricting this decrease until the 2.5-year low at 1.2067 is reached.
Nevertheless, the Greenback could fall below the bottom channel line, but it should eventually re-test the 55– and 100-hour SMAs.