USD/CAD at crossroads on Wednesday

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

Positions Today Yesterday % Change
Longs 42% 37% 11.90%
Shorts 58% 63% -8.62%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Neutral
Alligator (13; 8; 5) Sell Sell Buy
SAR (0.02; 0.2) Sell Buy Buy
Aggregate

By the middle of Wednesday's trading session the US Dollar had reached a vital point against the Canadian Dollar. The currency exchange rate had reached the point of the combined resistance of the 55-hour SMA and the upper trend line of a short term channel down pattern near the 1.3460 mark. The reason for the situation was the fact that the pair had bounced off the first weekly support, which is located at the 1.3426 level. The pair can in one scenario by the end retreat back down to the weekly S1, as forecasted by the daily aggregate technical indicators. On the other hand the pair might begin breaking through the SMAs, which are supporting the weekly PP that is located at the 1.3487 mark. In short, that is why the pair needs to be watched.

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