USD/CAD breakout occurred

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 44% 36% 18.18%
Shorts 56% 64% -14.29%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Buy Neutral Neutral
Stochastic (5; 3; 3) Neutral Sell Sell
Alligator (13; 8; 5) Sell Buy Buy
SAR (0.02; 0.2) Sell Sell Buy
Aggregate

The resistance cluster set by the 55– and 100-hour SMAs which limited a move above the 1.3050 area provided a barrier for the Buck to surge yesterday. Thus bears took over the market.

The exchange rate breached the lower boundary of a junior pattern where there 200-hour simple moving average is located during the end of Wednesday's trading session.

As for near future, it is likely that the USD/CAD pair continue to decline until a new medium-term pattern is formed. Meanwhile, in terms of today session, it is expected the currency pair remains bearish.

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