USD/CAD enters symmetrical triangle

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

Positions Today Yesterday % Change
Longs 67% 66% 1.49%
Shorts 33% 34% -3.03%
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

In line with prognoses, the USD/CAD ended yesterday's trading session slightly below the weekly PP located at the 1.2918 level. Because of the decreasing amplitude of motion, it is possible to draw the borders of a symmetrical triangle. Accordingly, the breakout might occur in both directions. From the north the pair is feeling pressure from the 100- and 200-hour SMAs not to mention the above PP. But from the southern side the pair has no barriers up until the weekly S1 at 1.2820. This fact makes the fall a more attractive scenario. In addition to that, the pair is trading in a larger scale descending channel, which helps to maintain the general downtrend.

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