USD/CAD stranded between 55– and 100-hour SMAs

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 68% 72% -5.88%
Shorts 32% 28% 12.50%
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

The US Dollar was trading sideways against its Canadian counterpart since late Monday. This sentiment, however, changed mid-today when the rate dashed through the 55-hour SMA and remained slightly above the monthly S2 and the 100-hour SMA. 

It is likely that this support is breached, thus paving the way for a more significant cluster set by the 200-hour SMA and the 23.6% Fibo. This might be a turning point that should guide the Greenback towards the 55-hour SMA. 

Given that the Federal Market Open Committee is to report on the US economic projections at 1800GMT, the previously-made assumption about the rate's possible direction could be changed dramatically.

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