USD/CAD leaves triangle

Source: Dukascopy Bank SA
Positions Today Yesterday % Change
Longs 59% 57% 3.39%
Shorts 41% 43% -4.88%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Buy
RSI (14) Buy Neutral Neutral
Stochastic (5; 3; 3) Neutral Sell Neutral
Alligator (13; 8; 5) Sell Sell Neutral
SAR (0.02; 0.2) Sell Sell Sell
Aggregate

As it was assumed yesterday, the USD/CAD made a short correction and came back into the descending triangle with the subsequent breakout downwards. However, fall of the rate was stronger than expected, as it easily bypassed both the weekly S1 at 1.3191, the monthly S2 at 1.3155 and the weekly S2 at 1.3113. In the middle of the day, the currency pair made an attempt to go back, but it did not succeed. Most likely any new attempt will fail as well, since the rate has entered into a new, narrow descending channel. From a technical perspective, the pair should slide to the weekly S3 at 1.3034 before a change in the trend might occur.

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