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USD/CAD fails to conquer the weekly PP

© Dukascopy Bank SA
"Yellen has made it clear the Fed is keen get started on policy normalisation, even if the pace will be very slow. She worries that to delay would lead to abrupt tightening that could inadvertently push the economy into recession. The market is back to pricing almost a 75 percent chance of a hike this month." 
- Bank of New Zealand (based on The New Zealand Herald) 

Pair's Outlook 
The USD/CAD experienced minor volatility for the third consecutive day yesterday, jumping between the 20-day SMA and the upper Bollinger band. The US Dollar's losses are larger with each day, but with the 20-day SMA, the weekly S1 and the monthly PP still providing support around the major level of 1.33. However, technical studies retain bullish signals, suggesting the Greenback could retest the weekly PP and attempt to return above the up-trend. So far the Sep high at 1.3456 remains out of reach, while today's anticipated fall is not adding any confidence on the scales. 

Traders' Sentiment 
More traders now have a positive outlook towards the Buck, namely 58%. Meanwhile, the number of sell orders went up from 51 to 64%.
© Dukascopy Bank SA


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