USD/CAD trades around 1.2520

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 75% 74% 1.33%
Shorts 25% 26% -4.00%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Sell
RSI (14) Buy Buy Buy
Stochastic (5; 3; 3) Sell Neutral Neutral
Alligator (13; 8; 5) Sell Sell Sell
SAR (0.02; 0.2) Sell Sell Sell
Aggregate

Once the currency exchange rate fell below the monthly S2 at 1.2552, it was moving along the 20-hour SMA until this morning, when a rebound from the bottom trend-line of a symmetrical triangle happened. Nevertheless, the way upstairs is blocked by the 55-hour SMA near the 1.2534. For this reason, the pair is expected to slip downwards one more time before leaving the pattern. Given that the southern side is protected by the weekly S1 at 1.2476, it is unlikely that the pair will manage to break through it. On the other hand, for the two months it has been moving in a clearly expressed downtrend and there no signs that now it has a necessary strength change the general direction. Finally, there will be also a release of the US CB Consumer Confidence at 14:00 GMT, which can cause an unexpected drop or rise.

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