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USD/CAD takes another shot at 1.31

© Dukascopy Bank SA
"We expect the uptrend to resume with a new push above 1.3213 in coming days as the macroeconomic divergence between the US and Canada widens." 
- TD Securities (based on FXStreet) 

Pair's Outlook 
The Greenback bounced off the 1.31 major level and sustained some losses against its Canadian counterpart. The immediate support cluster was easily pierced, as the Building Permits data weakened the US currency. Nevertheless, the Buck remains at its six-year high and a rebound is expected today. The 1.31 psychological level is to keep preventing the USD/CAD from climbing higher, as the weekly PP and 20-day SMA cluster also lies close by, strengthening the resistance area. Meanwhile, technical studies retain their bullish signals, suggesting the US Dollar is to outperform the Loonie. 

Traders' Sentiment 

Traders' sentiment remains weak, with 73% of all positions being short, while the share of buy commands declined from 74 to 55%.
© Dukascopy Bank SA


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