USD/CAD falls to two-month low

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

Positions Today Yesterday % Change
Longs 54% 55% -1.85%
Shorts 46% 45% 2.17%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Sell
RSI (14) Buy Neutral Neutral
Stochastic (5; 3; 3) Neutral Neutral Buy
Alligator (13; 8; 5) Sell Neutral Neutral
SAR (0.02; 0.2) Sell Sell Buy
Aggregate

Downside risks started to prevail the market when USD/CAD hit the 55-hour SMA mid-Tuesday. As a result, the Greenback has since depreciated 93 pips against the Loonie and thus fallen below the previous two-month low of 1.2645. 

As apparent on the chart, this price decline has remain within the prevailing channel down. In case the bearish sentiment continues to dominate, the US Dollar would breach its two-month range, thus pointing to further decline within the following trading sessions. 

Conversely, the rate might still re-test the 55-hour SMA circa 1.2704, but this area is likely to hold, as it is also reinforced by the monthly S1 and the 100-hour SMA.

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