USD/CAD fails to surpass 1.2840

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 55% 41% 25.45%
Shorts 45% 59% -31.11%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Sell
RSI (14) Neutral Sell Neutral
Stochastic (5; 3; 3) Neutral Sell Sell
Alligator (13; 8; 5) Buy Buy Sell
SAR (0.02; 0.2) Sell Buy Buy
Aggregate

After reaching a new three-month high at 1.2910, bears took the initiative and dominated the market during the last trading hours on Friday. 

The rate breached the 55-hour SMA but nevertheless remained stranded in a very narrow between this moving average and the monthly PP. The same lack of movement might prevail in the following hours until the lower channel boundary near 1.2830 mark is reached. This would put the Greenback between the 100– and 55-hour SMAs. 

The rate is likely to remain relatively stable during the next 24 hours, as the strength of both support and resistance could halt any attempts to breach this range. 

By and large, traders might expect a breakout south either today or tomorrow, as it seems that the steepness of the upward momentum is no longer sustainable.

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