USD/CAD calm mid-session

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

Positions Today Yesterday % Change
Longs 50% 49% 2.00%
Shorts 50% 51% -2.00%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Buy Sell
Alligator (13; 8; 5) Neutral Buy Sell
SAR (0.02; 0.2) Sell Buy Buy
Aggregate

USD/CAD was driven by strong bearish momentum mid-Tuesday. As a result, the pair broke the 55– and 100-hour SMAs and halted solely at the weekly PP. 

This level surrendered today, as well, in response to the unbreakable resistance provided by the 100-hour SMA. This left the rate in a narrow range between the weekly and monthly PPs and the 200-hour SMA in the 1.2780/40 area. The bottom boundary of the junior channel is likewise located nearby. 

Technical indicators point to a possible recovery. However, the Greenback still faces the strong resistance near the 1.2780 mark. 

Thus, the rate could remain squeezed between these moving average until the FOMC Meeting Minutes introduce potential changes.

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