USD/CAD bounces off two months low level

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 65% 59% 9.23%
Shorts 35% 41% -17.14%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Neutral Buy Neutral
Alligator (13; 8; 5) Sell Sell Buy
SAR (0.02; 0.2) Sell Sell Buy
Aggregate

Bears guided the US Dollar to a two-month low level on Tuesday. The currency pair managed to reverse from its two months low at the end of the trading session. However, the weekly S2 limited the momentum of the bulls.

It seems that bullish sentiment has not still gained the necessary strength to breach the 50-hour simple moving average, so it is more likely that the exchange rate remains under the influence of bears today.

Everything being equal, the currency exchange rate could reverse from its current position at 1.2932 and aim for the lower boundary of a dominant descending channel during the following trading session.  

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