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USD/CAD hovers above 1.34

© Dukascopy Bank SA
"The U.S. dollar has been responding to the improving tone of U.S. data, which has brought forward market expectations for the timing of the next Fed hike." 
- Bank of America Corp. (based on Bloomberg) 


Pair's Outlook 
The USD/CAD currency pair has been trading within the borders of a descending channel for almost six weeks now, downward pressure of which caused the breach of already one up-trend. Within two weeks we can expect the two-year up-trend to be reached if price is contained inside the channel's support and resistance lines. Consequently, the exchange rate is likely to inch higher today, as the pair is supported by the weekly S1, the channel's lower boundary and the Bollinger band just under 1.34. Meanwhile, gains should not stretch far beyond the 1.35 mark if it is overcome.  

Traders' Sentiment 
Bullish traders' sentiment returned to its Monday's level of 54% (previously 55%). The share of purchase orders keeps declining, as they now take up 56% of the market (down from 65%).
© Dukascopy Bank SA


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