Dukascopy - Analytics

    Dukascopy

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    USD/CAD trades near April 2009 high

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    "Monetary policy [Canada] is contributing to this effort by providing an environment of low and stable inflation, while supporting the adjustments needed to return the economy to sustained and balanced growth."
     - Carolyn Wilkins (based on Bloomberg)


    Pair's Outlook
    The Canadian dollar lost some value versus its US counterpart and at the time of writing was trading at the April 2009 high at 1.246. The next strong support level is situated at the monthly PP at 1.237, a level that supported the USD/CAD price since last week. A rebound above this Pivot Point will likely to follow and a higher move could be triggered.


    Traders' Sentiment
    The sentiment remains bullish with 74% of long positions. More than a half (56%) of the traders hold the 50– pip pending orders long, while the 100– pip ones are bought by 65% of market participants.
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