USD/CAD surges in wake of Canada's PMI

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 61% 59% 3.28%
Shorts 39% 41% -5.13%
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) Sell Buy Sell
Aggregate

Thursday's trading session introduced no changes in the pair's direction, as USD/CAD remained between the monthly S1 and the weekly R2 for the whole session. This situation changed today when the Greenback began falling against its Canadian counterpart, dashing through the 55– and 100-hour SMAs along the way until the weekly R1 and the lower channel boundary was reached. 

Weak data on Canadian CPI and Core Retail Sales mid-session sent the pair for an hourly surge up to the 1.2320 mark. The prevalence of the bullish sentiment in the upcoming hours could confirm the beginning of a new wave up. 

The monthly S1 and the 50.0% Fibo near 1.2350 is expected to be the upside limit for the following 24 hours, while the bottom barrier might be set by the 200-hour SMA and the monthly S1 at 1.2235.

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