USD/CAD decline likely to continue

Note: This section contains information in English only.
Source: Dukascopy Bank SA
PositionsTodayYesterdayChange
Longs70%66%6.0%
Shorts30%34%-13.8%
Indicator4H1D1W
MACD(12;26;9)SellSellBuy
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralBuyNeutral
Alligator(13;8;5)SellSellBuy
SAR(0.02;0.2)SellSellSell
Aggregate

On Wednesday, the US Dollar declined by 46 pips or 0.37% against the Canadian Dollar. The 50– hour simple moving average pressured the currency pair lower during Wednesday's trading session.

Technical indicators suggest selling signals on the 4H and daily time-frame charts. Most likely, the exchange rate could continue to trend lower in a descending channel pattern within the following trading session.

However, the currency exchange rate could find support at 1.2425 during Thursday's trading session.

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