USD/CAD might aim for 50-hour SMA

Source: Dukascopy Bank SA
PositionsTodayYesterdayChange
Longs45%45%0.7%
Shorts55%55%-0.6%
Indicator4H1D1W
MACD(12;26;9)SellSellBuy
RSI(14)BuyBuyNeutral
Stochastic(5;3;3)BuyBuyNeutral
Alligator(13;8;5)SellSellBuy
SAR(0.02;0.2)SellSellBuy
Aggregate

The US Dollar depreciated about 103 base points against the Canadian Dollar on Friday. The decline was stopped by a support level formed by the monthly S2 at 1.3273 at the end of Friday's trading session.

Everything being equal, it is likely that the USD/CAD currency pair will make a brief retracement towards a resistance cluster formed by the combination of the 50-hour simple moving average and the weekly pivot point at 1.3351 during the following trading session.

However, technical indicators flash sell signals on both the smaller and the larger time-frame charts.

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