Dukascopy - Analytics

    Dukascopy

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    USD/CAD in the downtrend

    © Dukascopy Bank SA
    "We are still calling for a June rate hike and the market is not pricing that. They are looking for a hike much later. So yes, we think the dollar will outperform."
    - Barclays (based on CNBC)

    Pair's Outlook 
    On Thursday, the USD/CAD pair rebounded, adding 80 pips. The Greenback settled between the weekly PP at 1.2484 and R1 at 1.2514. Nevertheless, the Buck is likely to decline, as the currency is following a bearish trend, whereas closest resistance is located at 1.2546, represented by the downsloping trend-line. Despite that the technical indicators are mixed, the pair is still expected to stay on a bearish path.

    Traders' Sentiment 
    The portion of bulls has declined one percentage point since yesterday, from 74 to 73%. At the same time, the number of orders to acquire the Greenback also experienced a drop, down to 67% from the previous value of 77%.
    © Dukascopy Bank SA

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