Dukascopy - Analytics

    Dukascopy

    464.25 6.00/10
    83% of positive reviews
    Real

    USD/CAD heads to retest the previous high

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    "Since last week, where we had the move down towards C$1.23, it's basically been one-way since then, with the Canadian dollar weakening."
     - Scotiabank (based on Reuters)


    Pair's Outlook
    The Canadian Dollar depreciated versus the US counterpart and the pair moved to the north today. The market bulls seem to be willing to retest the previous high point at 1.280 for 29 January 2015. Yet, the May 2005 high at 1.273 resistance should be removed first. In addition, the cross is trading above the short- and long– term SMAs for quite a some time now.


     Traders' Sentiment
    The market lost some bulls and the sentiment is very undefined currently. As a matter of fact, more traders are willing to sell the pair in 50– pip range as 70% hold the short pending order. The 100– pip orders are also sold by 68% of the case.
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