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USD/CAD following bearish pattern

© Dukascopy Bank SA
"After the change in tone by Janet Yellen last week, it looks like the market wants to be positive on the dollar."
- Morgan Stanley (based on CNBC)


Pair's Outlook 
After a formidable rebound, the USD/CAD pair slightly dropped. The Greenback also appears to have entered a downtrend against its Canadian counterpart. Nevertheless, on Monday the Buck is likely to regain momentum due to the US data releases, as most of them are expected to improve. Technical studies bolster the Buck's positive outlook; however, tough resistance around 1.2538 provides opposition, represented by the downtrend line and monthly PP.

Traders' Sentiment 
The distribution between the long and short positions was not subject to change during the weekend, as 73% of traders remain bullish. Meanwhile, the buy/sell ratio rose, as the percentage of commands to purchase the Buck went up from 67 to 70%.
© Dukascopy Bank SA


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