USD/CAD remains below 100-hour SMA

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 74% 71% 4.05%
Shorts 26% 29% -11.54%
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

In accordance with the yesterday's prognoses, the currency pair failed to bypass a resistance barrier that was set up by the 100-hour SMA at 1.2536. After it slipped back to the 55-hour SMA, there was a small attempt to make a rebound. Unfortunately for the Dollar, an announcement of the Fed's Federal Funds Rate sucked the currency pair down by 57 basis points and left at the southern border of a preceding descending channel. After such sizable downfall, the rate is expected to target the 1.2510 level to restore lost positions. Yet, there is still a great chance the new attempt once again will be neutralized by the above 100-hour SMA. On the other hand, after the markets will cool down, the weekly S1 at 1.2476 might serve as a good trampoline to break to the top.

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