USD/CAD bounces off 200-hour SMA

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

Positions Today Yesterday % Change
Longs 73% 73% 0.00%
Shorts 27% 27% 0.00%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Sell
RSI (14) Neutral Buy Buy
Stochastic (5; 3; 3) Buy Sell Neutral
Alligator (13; 8; 5) Sell Sell Sell
SAR (0.02; 0.2) Sell Buy Sell
Aggregate

During the last two trading sessions the US Dollar has been kept lower against the Canadian Dollar by the resistance of the 200-hour SMA. The simple moving average stopped the currency rate for the second time before 14:00 GMT. As a result of that move it can be expected that the pair will decline and try to find support in the combined support cluster of the 55 and 100-hour SMAs and the weekly PP, which were located, respectively at 1.2480, 1.2488 and 1.2475. Meanwhile, it can be observed that on a larger scale the currency pair has formed a triangle pattern. The triangle lines are crossing one another at the end of the week. Due to that reason it can be expected that during this week a breakout from the pattern will occur.

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