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USD/CAD to edge closer to 55-day SMA

© Dukascopy Bank SA
"We note that medium-term signals remain biased to USDCAD gains and expect USDCAD to fully retrace its recent decline." 
- Scotiabank (based on FXStreet) 

Pair's Outlook 
The USD/CAD's rally was slowed down by the monthly PP, resulting in the pair's failure to maintain trade above 1.31. Nonetheless, the nearest obstacle for the Greenback is now located at 1.3137, represented by the weekly PP, while the monthly PP and the 20-day SMA are providing support at 1.3070. Bullish technical studies suggest the US Dollar is to take another higher, towards reaching the 55-day SMA. Price held above the 20-day SMA for over a week now, which is a good sign of a possible short-term recovery. 

Traders' Sentiment
For the first time in eight days there are more long (52%) than short (48%) positions. The portion of sell orders, however, added nine percentage points, up to 73%.
© Dukascopy Bank SA


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