USD/CAD slightly recovers

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 74% 62% 16.22%
Shorts 26% 38% -46.15%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Sell
RSI (14) Buy Buy Buy
Stochastic (5; 3; 3) Neutral Neutral Sell
Alligator (13; 8; 5) Sell Sell Sell
SAR (0.02; 0.2) Sell Sell Sell
Aggregate

ownside risks dominated the USD/CAD currency pair on Thursday, as apparent by the strong bearish momentum which halted solely at the 1.2065 mark. DAs a result, the rate had plunged 2.76% by mid-today following the BOC's decision on Wednesday. 

Nevertheless, the last trading hours mark some indications that the expected recovery might finally start in this session. A reversal from the new two-year low at 1.2065 would confirm the existence of a descending channel that should guide the US Dollar north. 

However, there are still some doubts about its ability to accelerate at a fast pace, suggesting that the rate might remain relatively stable until Monday. Thus, it could push for the 55-hour SMA at 1.2200, but fail to surpass this level.

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