USD/CAD tests four-week channel

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

Positions Today Yesterday % Change
Longs 48% 47% 2.08%
Shorts 52% 53% -1.92%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Sell
RSI (14) Sell Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Buy Buy Neutral
SAR (0.02; 0.2) Buy Buy Buy
Aggregate

As apparent on the chart, the US Dollar has appreciated substantially against the Loonie during the past two trading sessions.  

The minor period of consolidation early on Tuesday was followed by another surge that had not allayed even by mid-Wednesday London time. As a result, the rate had gained 162 pips during this time and had almost reached the upper boundary of the four-week ascending channel located circa 1.2860. 

It is likely that the pair still pushes up to this mark during the following hours; however, the dominant direction until mid-Thursday should be downwards. 

Possible points of delay could be the weekly R1 and the 55-hour SMA at 1.2811 and 1.2780, respectively. It is unlikely that the Greenback falls below the massive support cluster circa 1.2745.

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