USD/CAD moving towards 1.2488

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

Positions Today Yesterday % Change
Longs 61% 62% -1.64%
Shorts 39% 38% 2.56%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Buy
RSI (14) Buy Buy Neutral
Stochastic (5; 3; 3) Neutral Buy Neutral
Alligator (13; 8; 5) Sell Sell Buy
SAR (0.02; 0.2) Buy Sell Buy
Aggregate

The US Dollar has been trading in a descending channel against the Canadian Dollar since mid-March. The currency pair tested the upper boundary of a dominant channel on March 19 and began a new wave down.

The USD/CAD exchange rate was guided by the 55– hour simple moving average since the pair breakout from the SMA on April 9. by the middle of the European session, the pair was consolidating.

Some downside potential is still likely during the following trading session, as the Greenback might extend it lost to the weekly S3 at 1.2488. Meanwhile, on the weekly time-frame, technical indicators flash strong bullish signals.

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