Dukascopy - Analytics

Dukascopy

463.75 6.50/10
83% of positive reviews
Real

USD/CAD resumes trade above six-year high

© Dukascopy Bank SA
"While the Fed is looking less likely to move in September, everybody is really worried that China is slowing down faster than what official figures are telling you." 
- IG Markets (based on Business Recorder) 

Pair's Outlook
In spite of the dovish Meeting Minutes, the US Dollar still managed to surge against the Loonie. As a result, the strong resistance cluster just under 1.31 was easily pierced, allowing the Buck to appreciate as high as 1.3180. The 1.32 major level is now the target, as it is bolstered by the weekly R1, and the pair struggled to conquer it during the past two weeks. From below the USD/CAD is supported by the weekly PP and 20-day SMA, suggesting that trade is likely to resume between 1.31 and 1.32.  

Traders' Sentiment
Bearish market sentiment remains unchanged at 73%. At the same time, the portion of orders to buy the US Dollar gained 15 percentage points. The commands now take up 70% of the market.
© Dukascopy Bank SA


To leave a comment you must be or register

By visiting our website and services, you agree to the conditions of use of cookies. Learn more I agree