USD/CAD might edge lower today

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Source: Dukascopy Bank SA
PositionsTodayYesterdayChange
Longs64%69%-8.6%
Shorts36%31%15.1%
Indicator4H1D1W
MACD(12;26;9)BuySellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralBuy
Alligator(13;8;5)BuySellSell
SAR(0.02;0.2)BuySellSell
Aggregate⇗⇘⇘

[ANNOUNCE]The US Dollar appreciated about 42 base points against the Canadian Dollar on Tuesday. The weekly R1 provided resistance for the currency pair during yesterday's trading session.[/ANNOUNCE]

Most likely, a brief retracement towards a support cluster formed by the combination of the 50-, 100—200-hour SMAs near the 1.3100 area.

If the support cluster holds, the USD/CAD currency exchange rate will continue its upside movement during the following trading session.

However, technical indicators suggest that the Greenback might edge lower within this session.

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