Dukascopy - Analytics


    472.75 6.25/10
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    USD/CAD cust some previous gains

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    Low oil prices will continue to weigh on nominal exports but a weaker Canadian dollar and stronger U.S. demand should help export volumes pick up further, with trade expected to make a solid, positive contribution to growth in 2015."
     - RBC Economics (based on Bloomberg)

    Pair's Outlook
    The US Dollar depreciated versus the Canadian today, cutting some of the previous gains. Currently, the pair is trading below the weekly S1 at 1.247 with a next support level- the monthly PP at 1.237. Meanwhile, the pair has entered a neutral RSI area, yet, a slight divergence is seen. The 55– 100– and 200– day SMA's are moving higher, but losing the momentum.

    Traders' Sentiment
    The market added some participants and the sentiment appears to be bullish with 56% of buying positions. 35% of traders hold their 50– pip pending orders long and the 100– pip ones are rather sold, with 43% of buying orders.
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