USD/CAD reaches resistance cluster

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 70% 72% -2.86%
Shorts 30% 28% 6.67%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Sell Sell
RSI (14) Neutral Neutral Buy
Stochastic (5; 3; 3) Buy Sell Neutral
Alligator (13; 8; 5) Buy Sell Sell
SAR (0.02; 0.2) Buy Buy Sell
Aggregate

As the US employment data set was released the US Dollar jumped against the Canadian Dollar. However, by previously judging the technical charts, the move was already expected. During the hour of the data released at 12:30 GMT the currency pair touched the lower trend line of the medium term ascending channel pattern, rebounded against it and then suddenly jumped in accordance with the pattern. The rate's surge was stopped by the combined resistance of the weekly R2 and monthly PP just below the 1.2340 mark. It can be expected that a period of consolidation of the massive gains of the jump will occur. Afterwards the markets will most likely experience a continuation of the surge of the US Dollar against the Loonie.

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.