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USD/CAD decline likely to continue

Note: This section contains information in English only.
Source: Dukascopy Bank SA
PositionsTodayYesterdayChange
Longs63%64%-1.0%
Shorts37%36%1.8%
Indicator4H1D1W
MACD(12;26;9)BuySellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralBuy
Alligator(13;8;5)BuySellSell
SAR(0.02;0.2)BuySellSell
Aggregate⇗⇘⇘

[ANNOUNCE]During the past 24 hours, the US Dollar versus the Canadian Dollar has depreciated over 90 base points. The currency pair breached both the 50-, 100– and 200-hour SMAs on Wednesday.[/ANNOUNCE]

As for the near future, it is likely that the USD/CAD exchange rate will continue to edge lower. The potential target for bearish traders will be near the bottom border of a descending channel pattern at 1.2980.

Although, the decline might be stopped by a support level formed by the weekly S1 at 1.3030 during the following trading session.

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