USD/CAD marks no changes

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 70% 74% -5.71%
Shorts 30% 26% 13.33%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Sell
RSI (14) Neutral Buy Buy
Stochastic (5; 3; 3) Sell Neutral Sell
Alligator (13; 8; 5) Sell Sell Sell
SAR (0.02; 0.2) Buy Sell Sell
Aggregate

After reaching a two-year low, the US Dollar has been trading sideways for the third consecutive session, thus failing to surpass the 55-hour SMA for most of the time.  

The rate has reached the upper boundary of the descending channel which should be breached in order to confirm the assumption of a possible recovery. Nevertheless, the Greenback still faces a strong resistance set by the 55– and 100-hour SMAs along the way. It seems that the given currency has already succeeded at moving past the former, thus adding some ground to the overall bullish sentiment. 

It is expected that the 100-hour SMA might provide difficulties for several hours, but eventually the rate should breach this level and approach the weekly and monthly PPs near 1.2230.

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