USD/CAD: Two scenarios likely

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

Positions Today Yesterday % Change
Longs 55% 57% -3.64%
Shorts 45% 43% 4.44%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Neutral Neutral Neutral
Alligator (13; 8; 5) Buy Buy Buy
SAR (0.02; 0.2) Sell Buy Sell
Aggregate

The USD/CAD currency pair re-tested the resistance cluster formed by a combination of the weekly R2 and the monthly R1 near 1.3200.  

Currently, the pair is trying to breach a support level formed by the weekly R1 at the 1.3128 mark. Two scenarios are likely to occur within this session. First, the pair could aim for the 200-hour SMA at 1.3061. 

Second, given that technical indicators flash bullish signals in the short term, the pair could re-test given resistance cluster in the nearest future.

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