USD/CAD approaches 55-hour SMA

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 73% 72% 1.37%
Shorts 27% 28% -3.70%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Sell Sell
RSI (14) Neutral Neutral Buy
Stochastic (5; 3; 3) Sell Sell Neutral
Alligator (13; 8; 5) Buy Sell Sell
SAR (0.02; 0.2) Buy Buy Sell
Aggregate

In line with expectations, the currency exchange rate was gradually slipping towards the bottom trend-line of an ascending channel during second half of the previous trading session. Theoretically, the pressure exercised by the 55-hour SMA, which lies along the above line, might prevent the pair from reaching its target. Nevertheless, in the upcoming hours the pair is still expected to continue to move horizontally and, afterwards, resume the surge towards the weekly R1 at 1.2738. The summary of multiple technical indicators support such scenario. In addition to that, the bullish sentiment continues to dominate in this trading session, as 70% of all open positions are long. Finally, due to the fact that there are no significant North American macroeconomic data releases today, the currency rate should not behave unpredictably.

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