Dukascopy - Analytics

Dukascopy

463.75 6.50/10
83% of positive reviews
Real

USD/CAD suffers from post-NFP weakness

© Dukascopy Bank SA
"It's not going to be a one-way rise in the dollar. The current dollar-buying sentiment will remain unchanged, but its speed needs to be adjusted." 
- Sumitomo Mitsui Trust Bank (based on Business Recorder)


Pair's Outlook 

The US currency edged lower on Monday, closing trade under the 1.33 major level. In the upcoming days the USD/CAD is expected to fall as low as 1.32 and, perhaps, even below the 55-day SMA (currently art 1.3175). In case of the breach, the second strong support to focus on is the 100-day SMA, which might climb a few pips higher and form an even stronger support with the help of the monthly PP and 20-day SMA. Meanwhile, the monthly R1 remains a resistance to be considered in case bulls take over. 

Traders' Sentiment
 
Bulls and bears broke out of the equilibrium, as 51% of all positions are now short and the remaining 49% are long. At the same time, the number of purchase orders decreased from 71 to 69%.
© 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