USD/CAD begins a surge

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 63% 51% 19.05%
Shorts 37% 49% -32.43%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Sell Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Buy Neutral
Alligator (13; 8; 5) Buy Sell Sell
SAR (0.02; 0.2) Buy Buy Buy
Aggregate

The previous expectations from the USD/CAD currency exchange rate have not fulfilled. The Buck has regained ground against the Loonie. Moreover, the upper trend line of the dominant descending channel pattern was broken. 

In addition, a new medium scale ascending channel pattern has been spotted. It can be drawn, if one ignores the upside volatility, which was caused by the Bank of Canada's rate hike last week.

In regards to the short term future, the pair is set to meet with a strong support cluster near the 1.2450 mark, where the 55 and 100-hour SMAs together with the weekly PP are located at.

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