USD/CAD could make brief retracement

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Source: Dukascopy Bank SA
PositionsTodayYesterdayChange
Longs71%73%-3.3%
Shorts29%27%8.1%
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)BuyNeutralNeutral
Alligator(13;8;5)SellSellSell
SAR(0.02;0.2)SellSellSell
Aggregate

Downside risks dominated the US Dollar against the Canadian Dollar on Friday. As a result, the USD/CAD exchange rate declined by 117 pips or 0.92% during Friday's trading session.

Technical indicators suggest selling signals on all time-frame charts. Most likely, bearish traders are likely to pressure the currency pair lower within the following trading session.

However, the currency exchange rate might make a brief retracement towards the 200– hour simple moving average at 1.2679 today.

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