USD/CAD in consolidation period

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 69% 72% -4.35%
Shorts 31% 28% 9.68%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Sell
RSI (14) Neutral Buy Neutral
Stochastic (5; 3; 3) Buy Sell Sell
Alligator (13; 8; 5) Sell Sell Sell
SAR (0.02; 0.2) Sell Sell Sell
Aggregate

USD/CAD was trading along the 55-hour SMA during Tuesday's session without any attempts to move above the given line. Pressured by solid downside risks, the US Dollar breached the two-year low at 1.2372, but managed to return above it two hours later. 

The pair is stranded in a narrow range in this session between the 55-hour SMA and the two-year low, trying to surpass the former on several occasions. Technical indicators suggest that this scenario might occur. The next important resistance area is set by the weekly PP and the 200-hour SMA at 1.2470.  

However, there are still three sets of fundamentals from the US and Canada today that may affect the pair's sentiment.

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