USD/CAD shows pattern of decline

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 52% 54% -3.85%
Shorts 48% 46% 4.17%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Buy
RSI (14) Neutral Buy Neutral
Stochastic (5; 3; 3) Neutral Buy Neutral
Alligator (13; 8; 5) Sell Sell Buy
SAR (0.02; 0.2) Sell Sell Buy
Aggregate

On Monday it was spotted that the US Dollar had no support levels left against the Canadian Dollar. The event resulted in a decline of the pair. 

However, the free range from Dukascopy Analytics technical levels clearly was not about to be passed in a sudden drop without a fundamental base. Due to that reason the first hunt for a declining pattern began soon after. 

On Tuesday analysts spotted that there is a very strong support line, which is keeping the rate from declining. That rate was used to draw a speculative channel down pattern. 

The pattern is set to guide the rate down to the weekly S1 at 1.2502 level.

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