USD/CAD reveals support line

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

Positions Today Yesterday % Change
Longs 44% 47% -6.82%
Shorts 56% 53% 5.36%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Buy
Alligator (13; 8; 5) Neutral Buy Neutral
SAR (0.02; 0.2) Sell Buy Buy
Aggregate

During the first half of Thursday's trading session the US Dollar confirmed the location of a previously speculated support line against the Canadian Dollar. Combining that with the previously known location of a larger channel down pattern, a hypothesis can be made. 

The rate is about to get squeezed in a triangle, whose resistance will be the one of the mentioned channel down pattern, and the support will be provided by the just reconfirmed support line. 

Taking into account the direction of the larger channel, it is forecast that the breakout from the triangle will happen to the downside.

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