USD/CAD passes monthly S2

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

Positions Today Yesterday % Change
Longs 74% 72% 2.70%
Shorts 26% 28% -7.69%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Sell
RSI (14) Buy Buy Buy
Stochastic (5; 3; 3) Sell Neutral Neutral
Alligator (13; 8; 5) Sell Sell Sell
SAR (0.02; 0.2) Sell Sell Sell
Aggregate

Movement of the currency pair in the Monday morning confirmed an assumption that descending channel is transforming into a symmetrical triangle. In theory, the breakout might occur in both directions. But taking into account that the northern side is secured by the monthly S1 at 1.2552 and the approaching 55-hour SMA, plus there is the 20-hour SMA that is moving along the pair, allows to assume that the rate will continue to gradually slip downwards. On the other hand, a release of information on the Canadian Wholesale Sales and the US Existing Home Sales might shake the pair and force it to step beyond the boundaries of the current formation and, thus, alter the above scenario.

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