Dukascopy - Analytics

    Dukascopy

    472.75 6.25/10
    83% of positive reviews
    Real

    USD/CAD rebounds from the monthly PP

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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 weakened versus its US counterpart and the pair rebounded from the weekly PP at 1.237. The pair has tested the February 2014 low level again and regained some losses from yesterday. If the cross manages to continue the bullish move, the next resistance level will be met at the weekly PP, 1.252 or the 68.80% Fibonacci. In case of a tumble, an immediate resistance will be found at 100% Fibonacci level.


    Traders' Sentiment
    The sentiment remains bullish with 73% of long positions. About 60% of the traders hold the 50– pip pending orders long, while the 100– pip ones are bought by 67% of market participants.
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