USD/CAD encounters 100-hour SMA

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 71% 75% -5.63%
Shorts 29% 25% 13.79%
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

Due to announcement of the US CB Consumer Confidence yesterday, the Greenback has appreciated against the Loonie by 37 basis points and drove the pair out of the symmetrical triangle. Nevertheless, it lacked a power to break through the 55-hour SMA and, for this reason, made a retreat to the 1.2510 level. Beginning of a new trading day the currency rate met in a flat, horizontal movement below the above 55-hour SMA. However, then it jumped by 22-pips and reached the upper trend-line of a preceding descending channel. It is expected that no further surge will follow, as the road upstairs is secured by the 100-hour SMA and the monthly S2 at 1.2552. Most probably, the rate will make a rebound near the above channel's boundary and then gradually slip towards the weekly S1, which is located at the 1.2476 level.

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