USD/CAD surges on fundamentals

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 60% 59% 1.67%
Shorts 40% 41% -2.50%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Buy Sell Neutral
Alligator (13; 8; 5) Buy Sell Neutral
SAR (0.02; 0.2) Buy Sell Sell
Aggregate

Two fundamental events have notably shaken the USD/CAD during the last two days. While release of data on the Canadian retail sales pushed the rate out of the ascending channel, the recently published Canadian CPI made an opposite effect and threw the pair back into the pattern. The reaction of traders was high enough to force the rate to break 200-, 100- and 55-hour SMAs as well as the weekly PP at 1.3283. It is expected that surge of the rate is going to continue until it reaches at least the monthly S1 at 1.3328. Afterwards, a rebound might happen, especially if the US fundamental data released on Monday will not match the experts' forecasts.

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