USD/CAD points to recovery

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 59% 46% 22.03%
Shorts 41% 54% -31.71%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Buy Sell Sell
Alligator (13; 8; 5) Sell Buy Sell
SAR (0.02; 0.2) Buy Sell Buy
Aggregate

After meeting the strong resistance of the 55-hour SMA mid-Wednesday, the US Dollar remained stable against the Loonie for most of the session. This calm movement sideways was disrupted when the pair returned near the upper boundary of the short-term descending channel. 

Technical indicators have still remained generally bullish, as the rate failed to move higher early in this session. It is apparent on the chart that the Greenback remains stranded between the weekly S1 and the combined resistance of the 55– and 100-hour SMAs and the monthly PP at 1.2680 and 1.2745, respectively. 

Given the existing upside potential until the latter, it is likely that this range is maintained until the end of Friday, as no massive leaps are expected due to the US having a Bank Holiday tomorrow.

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