USD/CAD trades below 55-hour SMA

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

Positions Today Yesterday % Change
Longs 68% 69% -1.47%
Shorts 32% 31% 3.12%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Sell
RSI (14) Buy Buy Neutral
Stochastic (5; 3; 3) Sell Neutral Neutral
Alligator (13; 8; 5) Sell Sell Sell
SAR (0.02; 0.2) Sell Sell Sell
Aggregate

After release of the US fundamental data on Friday, the USD/CAD did not make any new attempts to get back into a descending channel and ended the slightly above the former weekly S3 at 1.2664. A horizontal movement of the pair during the first half of Monday makes difficult to project, in which direction it is planning to go. On the other hand, it can be said with certainty that it will not break above the 55-hour SMA near 1.2700 or fall below a combined support level formed by the monthly S2 at 1.2552 and the updated weekly S1 at 1.2546. In addition, there are signs that the rate is has entered into a short-term descending channel. If this assumption is true, the upper boundary of the channel has to neutralize all attempts of the pair to try to soar to the updated weekly PP at 1.2745.

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