USD/CAD breakout likely

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

Positions Today Yesterday % Change
Longs 58% 59% -1.72%
Shorts 42% 41% 2.38%
Indicator 4H 1D 1W
MACD (12; 26; 9) Neutral Neutral Neutral
RSI (14) Sell Buy Sell
Stochastic (5; 3; 3) Sell Neutral Neutral
Alligator (13; 8; 5) Buy Buy Sell
SAR (0.02; 0.2) Buy Buy Sell
Aggregate

The US Dollar reached the upper boundary of a large-scale triangle against the Canadian Dollar. 

As shown on the chart, the currency exchange rate formed a flag. The 200—hour simple moving average is restricting  USD/CAD from making further gains. 

As for near future, traders should look for opportunities to trade in either direction once there is a breakout from the SMAs. In addition, technical indicators suggest that the currency pair could breach the resistance at 1.2556. 

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