Dukascopy - Analytics

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USD/CAD struggles to extend gains

© Dukascopy Bank SA
"The latest IMM positioning suggests that the leveraged community has increased net CAD short positioning, but this still remains far from the extremes observed in early 2014 and throughout much of 2015."
- TD Securities (based on FXStreet) 


Pair's Outlook 
Even though the USD/CAD put the weekly R2 to the test, the 1.3950 mark provided sufficient resistance and prevented the Buck from edging higher. From a technical point of view, the US Dollar should bounce back today, with the weekly PP at 1.3862 limiting the losses; however, technical indicators suggest the bullish momentum is to be preserved. The weekly R2 is still an obstacle that is required to be overcome in order for the Greenback to retake the 2004 high, while no event is expected to provide impetus for such a rally today. 

Traders' Sentiment 
Although not as strong as yesterday, but market sentiment remains bearish at 64% (previously 70%). The portion of buy orders lost nine percentage points, now taking up 45% of the market.
© Dukascopy Bank SA


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