USD/CAD surges to 1.2700

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Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 72% 70% 2.78%
Shorts 28% 30% -7.14%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Sell Sell
RSI (14) Sell Neutral Buy
Stochastic (5; 3; 3) Sell Sell Neutral
Alligator (13; 8; 5) Buy Sell Sell
SAR (0.02; 0.2) Buy Buy Sell
Aggregate ⇒ ⇘ ⇘

[ANNOUNCE] Beginning of the new trading week the currency pair met at the monthly PP at 1.2636. [/ANNOUNCE] Using this support level as trampoline, the US Dollar started an eight hour surge against the Canadian Dollar. At the moment, the rate has reached the upper trend-line of a recently formed ascending channel. For this reason, a rebound is expected to follow. This scenario is supported by a number of technical indicators, which suggest that the pair is overbought. The rest of the day the currency rate most likely is going to spend in a downside movement within towards the southern boundary to create a third reaction low. Since there will be no data releases in the upcoming two days, the pair should continue to gradually advance in the above ascending channel.

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