USD/CAD surges mid-session

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 54% 63% -16.67%
Shorts 46% 37% 19.57%
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 US Dollar was trading chaotically on Friday, as the rate managed to dash through the 55– and 100-hour SMAs on several occasions.  

The rate, however, allayed near the weekly PP for some hours prior to surging up to the weekly R1 at 1.2487 and 1.2541, accordingly. 

By and large, the Greenback is stranded between these aforementioned levels that are expected to hold the pair until Tuesday. A bearish reversal near the 1.2540 mark would confirm the formation of a short-term channel up. 

Given the characteristics of this pattern, the rate is likely to fall down to the lower channel boundary which will be located near the 200-hour SMA by tomorrow.

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