USD/CAD moves along channel line

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

Positions Today Yesterday % Change
Longs 47% 48% -2.13%
Shorts 53% 52% 1.89%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Buy Buy Sell
SAR (0.02; 0.2) Buy Sell Buy
Aggregate

As expected, the Greenback managed to push until the upper channel boundary during the last 24 hours. The pair reached this line within a couple of hours on Thursday and has been trading along it ever since. 

The US Dollar was stranded between the weekly R1 and a support cluster formed by the 55-day SMA and the monthly PP mid-session. 

Meanwhile, the steepness of the descending channel suggests that the rate might not be able to hold in this pattern any longer. 

In the short term, however, it is expected that the US Dollar trades between the weekly R1 and the 200– and 100-hour SMAs along the upper channel line. The pair should be tended slightly south; however, the strength of the aforementioned support cluster is likely to restrict any intention to edge even lower.

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