USD/CAD fails to score additional gains

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

Positions Today Yesterday % Change
Longs 37% 38% -2.70%
Shorts 63% 62% 1.59%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Neutral
Alligator (13; 8; 5) Sell Sell Buy
SAR (0.02; 0.2) Sell Buy Buy
Aggregate

As it can be seen on the chart, the US Dollar failed to score additional gains on Monday against the Canadian Dollar. The failure occurred due to the strength of the resistance of the 55-hour SMA at the 1.35 level. However, it might not have been only the resistance of the simple moving average, as the 1.35 level has shown historical resistance on its own. Due to that move the recently discovered ascending channel pattern has been broken and with it become obsolete. The pair is likely going to continue on its path downwards during the rest of the Tuesday's trading. The reason for that is the fact that the 55-hour SMA moved in lower to strengthen another resistance level in the form of the monthly PP at the 1.3487 level.

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