Dukascopy - Analytics

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    USD/CAD continues rising

    © Dukascopy Bank SA
    "The large disappointment in retail sales has increased the expectation that we could see another interest rate cut in Canada, and weighed heavily on the Canadian dollar." 
    - Scotiabank (based on Reuters) 

    Pair's Outlook 
    The USD/CAD currency pair extended its gains for the third consecutive day on Friday. However, the cross is still remaining at record highs for more than five years. The Loonie surged to 1.2529 within three days, reaching a three-week peak. Moreover, the Greenback is unlikely to decline this week, as technical indicators are giving bullish signs, and the closest significant cluster of resistances stays far, around 1.2670.

    Traders' Sentiment 
    The share of bulls increased by two percentage points, now accounting for 73% of all positions in the SWFX market. At the same time, the number of orders to acquire the Buck edged up as well, from 29% to 53%.
    © Dukascopy Bank SA

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