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USD/CAD to return above the up-trend

© Dukascopy Bank SA
"The fact that even a more dovish member of the Fed is clearly leaning toward a December hike is something that's boosting the dollar." - Matt Weller, Forex.com (based on Market Watch) 

Pair's Outlook 
The US Dollar remained relatively unchanged against its Canadian counterpart on Tuesday, due to mixed fundamental data. However, yesterday's small drop caused the given pair to open below the up-trend once again. Even though technical studies are suggesting the USD/CAD is to trade flat for the third consecutive day, a correction is likely to take place, pushing the Greenback if not above, then at least closer to the up-trend. The main obstacle is the weekly PP just over the opening price, whereas space for the Buck falling towards the 20-day SMA around 1.3309 remains. 

Traders' Sentiment
Market sentiment barely changed, as 60% traders are long the Buck; while sell orders are outnumbering the buy ones by only 2% points.
© Dukascopy Bank SA


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