USD/CAD could trade bullish

Note: This section contains information in English only.
Source: Dukascopy Bank SA
PositionsTodayYesterdayChange
Longs33%38%-16.2%
Shorts67%62%7.9%
Indicator4H1D1W
MACD(12;26;9)SellSellBuy
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)SellNeutralNeutral
Alligator(13;8;5)NeutralSellBuy
SAR(0.02;0.2)BuySellSell
Aggregate

The USD/CAD currency pair bounced off a support level formed by the 50– hour simple moving average on Tuesday. As a result, the Greenback surged by 115 pips or 0.83% against the Canadian Dollar during yesterday's trading session.

As for the near future, the exchange rate could continue to surge during the following trading session. A possible breakout through the upper boundary of a descending channel pattern could occur.

However, the weekly resistance level at 1.4094 could provide resistance for the currency exchange rate in the shorter term.

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