USD/CAD buyers might prevail

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Source: Dukascopy Bank SA
PositionsTodayYesterdayChange
Longs71%74%-3.0%
Shorts29%26%7.5%
Indicator4H1D1W
MACD(12;26;9)BuySellSell
RSI(14)NeutralNeutralBuy
Stochastic(5;3;3)NeutralSellBuy
Alligator(13;8;5)BuySellSell
SAR(0.02;0.2)BuyBuySell
Aggregate⇗⇘⇒

[ANNOUNCE]The US Dollar surged by 63 pips or 0.50% against the Canadian Dollar on Tuesday. The 50– hour simple moving average provided support for the currency pair during Tuesday's trading session.[/ANNOUNCE]

Technical indicators suggest buying signals on the 4H time-frame chart. Most likely, the exchange rate could continue to trend higher during the following trading session.

However, buyers are likely to encounter a resistance level at the 1.2600 area within the following trading session.

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