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USD/CAD to erase weekly losses

© Dukascopy Bank SA
"Nonetheless, we still think the risks tilt higher for USDCAD over the coming weeks but funds' reluctance to trade higher yesterday suggests to us that a flush lower will be a necessary precondition to secure the topside risks that we foresee towards the end of the year." - TD Securities (based on FXStreet) 

Pair's Outlook 
The USD/CAD experienced rather serious volatility, stretching out from 1.3224 to 1.3340. Ultimately, the Greenback outperformed its Canadian counterpart, but failed to erase this week's losses completely. Nevertheless, another surge today can do the trick and help the Buck to overcome the 1.33 major level. However, risks of falling not only back towards the weekly PP persist, but even further towards 1.3175, where the 20-day SMA coincides with the 55-day one. Technical studies, on the other hand, are pointing to another rally, with the final ceiling located at 1.3401—the weekly R1.

Traders' Sentiment 
Bulls keep retreating, as only 46% of all positions are long today. The share of buy orders barely changed, rising from 55 to 56%.
© Dukascopy Bank SA


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