USD/CAD two scenarios likely

Note: This section contains information in English only.
Source: Dukascopy Bank SA
PositionsTodayYesterdayChange
Longs71%73%-2.8%
Shorts29%27%6.9%
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)BuyBuyBuy
Stochastic(5;3;3)BuyBuyBuy
Alligator(13;8;5)SellSellSell
SAR(0.02;0.2)SellSellSell
Aggregate

The US Dollar edged lower by 113 pips or 0.91% against the Canadian Dollar on Wednesday. The 50– hour simple moving average pressured the currency pair lower during yesterday's trading session.

Everything being equal, the exchange rate could continue to trend bearish during the following trading session. Bearish traders might target the weekly support level at 1.2200.

However, the currency exchange rate could reverse from the 1.2284 level within this session.

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