USD/CAD Greenback surge after Fed chair remarks

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 46% 49% -6.52%
Shorts 54% 51% 5.56%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Neutral Neutral
Alligator (13; 8; 5) Buy Buy Buy
SAR (0.02; 0.2) Buy Buy Buy
Aggregate

The US Dollar strengthened against other major currency on Tuesday, and the Canadian Dollar was no exception. The reason was that the Federal Reserve Chairman Jerome Powell remarks about the US economic assessment.

Due to this reason, technical indicators and all drawn pattern were totally obsolete. However, one can still say the ascending junior channel was still holding by the end of business day.

Everything being equal, it is likely that the USD/CAD currency exchange rate could continue moving to the upside during the following trading sessions. Meanwhile, all three SMAs are in favour of an upwards movement today.  

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