Dukascopy - Analytics

    Dukascopy

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    USD/CAD underpinned by 1.24

    © Dukascopy Bank SA
    "Even if the U.S. CPI numbers are stronger than expected, the dollar-positive impact might be limited as the Fed also places much emphasis on wages." 
    - IG Securities (based on CNBC) 

    Pair's Outlook 
    Indeed, the Greenback slid in value against its Canadian counterpart, confirming support at 1.2405, represented by the weekly S1. Nevertheless, this support level stopped the pair from additional losses, as the Buck ended the trading day at 1.2432. Despite a plethora of high-impact US data tomorrow, USD/CAD is likely to remain between the weekly PP and R1, as the technical indicators are neutral.

    Traders' Sentiment 
    There are even more bulls than bears among SWFX traders compared to yesterday, namely 74% of the market. At the same time, the number of buy orders increased as well. They take 77% of all pending orders.
    © Dukascopy Bank SA

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