Positions Today Yesterday % Change
Longs 63% 61% 3.17%
Shorts 37% 39% -5.41%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Sell
RSI (14) Buy Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Sell Buy Sell
SAR (0.02; 0.2) Sell Buy Buy

USD/CAD was restricted by a strong resistance area formed by the 200-, 55– and 100-hour SMAs and the weekly PP circa 1.2520. This reversal confirmed the upper boundary of a previously-drawn descending channel. 

The rate showed no massive changes in its direction on Wednesday. This movement sideways, however, changed when the FOMC Meeting Minutes released at 1800GMT put downward pressure on the US Dollar. As a result, the Greenback tested the weekly S1 and did not stop until the 61.8% Fibonacci retracement was reached. 

By and large, technical indicators demonstrate that the rate could still edge slightly higher, possibly up to the 200-hour SMA near 1.2520.