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USD/CAD struggles to sustain gains at multi-year highs

© Dukascopy Bank SA
"There is no case for much further [US] dollar strengthening because the lift-off in December is pretty much priced in." 
- Commerzbank (based on Reuters) 


Pair's Outlook 
Despite a hike in oil prices, the USD/CAD remained relatively unchanged over the day, with the pair edging only a few pips lower. However, the immediate support was crossed, which is now providing resistance and weighing on the US Dollar. The up-trend is failing at containing the downside volatility as well, but bullish technical studies suggest the pair could still rebound. We, on the other hand, expect the price to close around 1.3330, as the Greenback lacks impetus to drop towards the cluster of supports around 1.3290.

Traders' Sentiment 
Bearish traders' sentiment returned to last Friday's level of 61%, whereas the portion of buy orders added 8% points up to 45%.
© Dukascopy Bank SA


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