USD/CAD recovers from Friday fall

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

Positions Today Yesterday % Change
Longs 66% 66% 0.00%
Shorts 34% 34% 0.00%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Sell
RSI (14) Neutral Buy Neutral
Stochastic (5; 3; 3) Sell Sell Neutral
Alligator (13; 8; 5) Sell Sell Sell
SAR (0.02; 0.2) Sell Sell Sell
Aggregate

Contrary to expectations, the downside momentum was strong enough to drive the USD/CAD though the potential second confirmation point of a junior descending channel. Nevertheless, it ended earlier than the currency pair could to the bottom boundary of a senior channel down. Thus, in the early morning of Monday's trading session the rate started a steady recovery and even managed to bypass the updated weekly PP at 1.2918. However, the combined resistance level formed by the 55- and 100-hour SMAs near 1.2931 did let it further. Because of this, the pair is projected to end the day below the above weekly PP. Even if an extreme scenario materialized and the Loonie broke upwards, the surge most probably would be stopped by a combination of the weekly R1 at 1.2976 and the 200-hour SMA.

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