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USD/CAD risks bouncing back under 1.31

© Dukascopy Bank SA
"Next resistance targets for USD/CAD are 1.3246 and 1.3383 though it will take ongoing crude weakness to maintain the USD/CAD rally." - RBC Capital Markets (based on CNBC) 

Pair's Outlook 
The Greenback edged higher for the fifth consecutive time on Monday; however, was unable to reach the 1.32 psychological area. Technical indicators shifted from bullish to mixed signals, showing that a risk of the exchange rate dropping back appeared. If the US fundamentals disappoint today, the USD/CAD could go all the way down under 1.31 major level and possibly even test the 2009 high at 1.3062. Nonetheless, the Buck could still rally towards the 1.32 major level if the fundamentals turn out to be better-than-expected.  

Traders' Sentiment 
Both net positions and net orders improved today. There are now 44% of traders with a positive outlook towards the US Dollar and 44% of all commands to acquire the Buck.
© Dukascopy Bank SA

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