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USD/CAD rebounds, attempts to recover from Thursday's slump

© Dukascopy Bank SA
"CAD strength is being driven by China's influence on the broader market tone … the most important piece remains oil … We see added risk from relative policy as we consider shifting expectations for both the Fed and BoC." 
- Scotiabank (based on WBP Online) 


Pair's Outlook 
The USD/CAD behaved according to the forecast, as the Loonie strengthened due to rising oil prices. The weekly and monthly R1s pushed the pair down, causing it to reach the 1.32 major level and stabilise just below it. However, the bullish momentum is expected to be regained today, with the immediate resistance still located around the psychological level of 1.33. Meanwhile, technical indicators are showing bullish signals, bolstering the possibility of the positive outcome. 

Traders' Sentiment 
Bears keep dominating the market, as 69% of traders hold short positions (previously 72%). The number of orders to acquire the Buck lost nine percentage points, down to 53%.
© Dukascopy Bank SA


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