Loonie falls on fundaments

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 72% 74% -2.78%
Shorts 28% 26% 7.14%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Sell
RSI (14) Neutral Buy Buy
Stochastic (5; 3; 3) Sell Neutral Neutral
Alligator (13; 8; 5) Sell Sell Sell
SAR (0.02; 0.2) Buy Sell Sell
Aggregate

The USD/CAD expectedly slipped down to the combined support level formed by the weekly S1 at 1.2546 and the monthly S2 at 1.2552. Partially, this outcome is related to a rebound from the 100-hour SMA near 1.2645 and, partially, to reaction from the speech delivered by the ECB President Mario Draghi. In line with expectation, the above barrier did not let the currency pair further and forced it to change a direction. As a result, by the middle of the day the pair has reached a new cellar set up by the 55-hour SMA and bounced off from it. However, mostly this appreciation of the Loonie is attributed to a release of the Canadian fundamental data. Most probably, the above borders would constrain the pair this time as well. On the other hand, this result might indicate formation of a descending triangle.

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.