USD/CAD edges lower

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 73% 66% 9.59%
Shorts 27% 34% -25.93%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Sell Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Neutral Sell Sell
Alligator (13; 8; 5) Buy Neutral Sell
SAR (0.02; 0.2) Sell Buy Sell
Aggregate

After reaching the 1.2520 mark early on Thursday, the prevailing bearish sentiment guided USD/CAD southwards. The pair managed to erase half of Wednesday's gains; further decline was restricted by combined support of the weekly R1, the 61.8% Fibo and the 55-hour SMA circa 1.2440. 

Technical indicators suggest that the Greenback could remain stable until Monday. This movement sideways, however, would result in a re-test of the lower channel boundary near 1.2410—an area reinforced by the 100-hour SMA. 

The given movement might no actually end there, but continue until the 200-hour SMA, the monthly S1 and the 50.0% Fibo are reached. Thus, the general direction of the pair in this session is tended south, leaving the 55-hour SMA as a strong resistance barrier.

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