Dukascopy - Analytics


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    USD/CAD appreciates but slids till the end of the day

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    "A big build of 7 to 9 million barrels would be enough to push prices lower. But tomorrow we could see a recovery in expectation of another sharp drop in the rig count."
     - Commerzbank (based on Reuters)

    Pair's Outlook
    The USD/CAD pair appreciated today, hiking above the weekly PP at 1.252. However, such a strong break above that level continued with a temporary correction. If the cross manages to continue the bullish move, the next resistance level will be met at the weekly R1, 1.262. On the contrary, the next support level is situated at the monthly PP at 1.287 together with the weekly S1 and 100% Fibonacci retracement. Moreover, the cross seems to be forming a descending triangle pattern.

    Traders' Sentiment
    The sentiment is still bullish with 70% of long positions among all traders. 74% of all hold the 50– pip pending orders long, while the 100– pip ones are bought by 65% of market participants.
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