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USD/CAD attempts to turn around after three-day slump

© Dukascopy Bank SA
"USDCAD still looks "cheap" relative to our fair value assessment (1.2365 today) so an extension of the USD rebound is not out of the question—even if intraday trends do hinge to a large extent perhaps on the US retail sales outcome." 
- TD Securities (based on FXStreet) 

Pair's Outlook
 
Yet again the US Dollar declined against its Canadian counterpart. The pair reached a daily low of 1.22, but was pushed back by the major level and settled near the second support cluster. Technical studies keep showing bullish signals, suggesting the Greenback is to rebound from the given support area. Immediate resistance lies at 12305, represented by the monthly PP, but we might even see the USD/CAD return to 1.24 if the fundamental data surprises with better-than-expected figures. 

Traders' Sentiment 
Long positions are now in the majority, as 52% of traders have a positive outlook towards the Buck today. The portion of buy orders lost 15 percentage points. They now take up 44% of the market.
© Dukascopy Bank SA


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