USD/CAD shoots out of pattern

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 63% 63% 0.00%
Shorts 37% 37% 0.00%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Sell Buy Sell
SAR (0.02; 0.2) Buy Buy Buy
Aggregate

The second half of Thursday did not see massive changes to USD/CAD, as the rate was fluctuating between the 55-hour SMA and the weekly S1. This trading range continued to diminish until strong upside momentum triggered a northern breakout. 

The rate was moving towards a combined resistance of the 100– and 200-hour SMAs circa 1.25 prior to being pressured down by weak US fundamentals. Technical indicators show mixed signals. 

In case of move up, the Greenback might halt near the weekly PP at 1.2529 and consequently remain near 1.2480 by mid-Monday. 

Conversely, the downside is guarded by the 61.8% Fibonacci and the lower channel boundary at 1.2435 and 1.2410, accordingly. The two external levels are expected to hold the pair for the upcoming 24 hours.

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