USD/CAD trades near 1.2920

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 64% 64% 0.00%
Shorts 36% 36% 0.00%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Sell
RSI (14) Neutral Buy Neutral
Stochastic (5; 3; 3) Sell Sell Neutral
Alligator (13; 8; 5) Sell Sell Sell
SAR (0.02; 0.2) Sell Sell Sell
Aggregate

Even though the USD/CAD breaks out from a symmetrical triangle upwards, the further ascension was stopped at the 1.3004 mark. Afterwards, the currency pair made a U-turn and fell into a narrow channel down. Since the pattern already has two confirmation points from the top and two from the bottom, the channel is expected to be broken by the end of the day. Due to the pressure coming from the 55- and 100-hour SMAs, the pair most probably will leave the formation to the south, closer to the bottom boundary of the medium-term descending channel. In the opposite scenario, the pair will meet no resistance up until the 200-hour SMA near the 1.3040 level.

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