USD/CAD narrows trading range

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 56% 59% -5.36%
Shorts 44% 41% 6.82%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Sell Sell
RSI (14) Neutral Neutral Buy
Stochastic (5; 3; 3) Buy Sell Neutral
Alligator (13; 8; 5) Buy Neutral Sell
SAR (0.02; 0.2) Buy Buy Sell
Aggregate

As apparent from the pair's movement during the past two trading sessions, the USD/CAD exchange rate has diminished its trading range within the bounds of the ascending channel and thus failed to reach either of its boundaries. This situation suggests that slight bearish sentiment might prevail the market in the nearest time. 

Given the positioning of technical indicators, it is likely that the rate tests the weekly R1 and the 61.8% Fibo at 1.2435, but fails to gain enough momentum for a breakout. The Greenback has been stranded between the 100-hour SMA and the weekly R1 since mid-Tuesday, as it continues to narrow down its trading range. 

In case the rate does fail to surpass the 1.2435 mark, it is expected that the current trading range could hold the rate for another session.

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