USD/CAD bullish potential today

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 40% 39% 2.50%
Shorts 60% 61% -1.67%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Neutral Neutral Sell
Alligator (13; 8; 5) Sell Buy Buy
SAR (0.02; 0.2) Buy Buy Buy
Aggregate

The US Dollar appreciated about 67 base points against the Canadian Dollar on Monday. The surge was temporary stopped by a resistance level formed by the 100-hour simple moving average at 1.3200.

The exchange rate was located near the upper boundary of a descending channel pattern at 1.3181 and could be set for a breakout. 

If this breakout occurs, the USD/CAD currency pair will target a resistance level formed by the weekly R1 at 1.3235.

However, it is important to note that a resistance cluster formed by the combination of the 100– and 200-hour SMAs at 1.3190 could hinder the rate from hitting target today.

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