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 US Dollar managed to gain a little on Monday, however, the momentum did not continue today and the market bears cut some of the bullish gains. The pair slid below the monthly PP at 1.237, however, rebounded a little during evening sessions. The USD/CAD price has been fluctuating between the April 2009 high at 1.266 and the weekly S1 at 1.234 levels since February. A move lower should test the Bollinger band at 1.230. Whereas, a move to the north, the next resistance is situated at weekly PP, 1.252.


    Traders' Sentiment
    The sentiment remains bullish with 75% of long positions. About 67% of the traders hold the 50– pip pending orders long, while the 100– pip ones are bought by 64% of market participants.
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