USD/CAD brief retracement likely

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

Positions Today Yesterday % Change
Longs 42% 40% 4.76%
Shorts 58% 60% -3.45%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Sell Neutral Neutral
Stochastic (5; 3; 3) Sell Neutral Sell
Alligator (13; 8; 5) Buy Buy Buy
SAR (0.02; 0.2) Buy Buy Buy
Aggregate

The US Dollar appreciated about 160 base points against the Canadian Dollar on Tuesday. The surged was stopped by a resistance level formed by the weekly R1 at 1.3318 during the previous session. 

Everything being equal, it is likely that the USD/CAD currency pair will make a temporary retracement towards the weekly R1 at 1.3235 during the following trading session.

On the other hand, the currency exchange rate could reversal from the current price level and takes out yesterday high at 1.3318 today.

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