Dukascopy - Analytics

Dukascopy

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USD/CAD heads to retest the previous high

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"With gasoline prices remaining low (providing a huge windfall to U.S. consumers), confidence sky-high and the buoyancy in labor market activity likely to bolster household income, we expect consumer spending activity to rebound strongly in the coming months."
 - TD Securities (based on Reuters)


Pair's Outlook
The USD/CAD pair tried to continue the Wednesday bullish move but the Greenback was forced to gave up the dominating position. The chart shows as the cross could pull back to trade lower, yet, the US Dollar still needs to depreciate a lot versus its counterpart. Moreover, there are plenty of support positions that are needed to be broken. First and foremost, the April 2009 high at 1.246 is acting as the first strong support level.


Traders' Sentiment
The sentiment holds the bearish outlook with 72% of participants selling the pair. While the 100– pip pending orders are mostly placed to buy once the pair meets the destination, the 50– pip orders are half sold half bought.
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