USD/CAD surge on Tuesday

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 39% 55% -41.03%
Shorts 61% 45% 26.23%
Indicator 4H 1D 1W
MACD (12; 26; 9) Neutral Neutral Neutral
RSI (14) Buy Neutral Neutral
Stochastic (5; 3; 3) Neutral Neutral Neutral
Alligator (13; 8; 5) Buy Buy Sell
SAR (0.02; 0.2) Sell Buy Sell
Aggregate

The US Dollar continued to gain strength against the Canadian Dollar, and by the end of yesterday session, the currency pair has moved past a resistance formed by the weekly pivot point at 1.28.

After reaching the upper boundary of an ascending channel at 1.29, the exchange rate made a corrective move south. However, this decline was stopped by the 200– hour simple moving average and the weekly PP at 1.2845.

Everything being equal, it is likely that the USD/CAD currency exchange rate maintains the ascending channel. On the daily time-frame, technical indicators supported such movement.

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