Dukascopy - Analytics

    Dukascopy

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    USD/CAD trades close to the trendline

    © Dukascopy Bank SA
    "If the statement leaves wide open the possibility of another rate cut in the relative near-term, that, I think, is probably still negative for the currency even if it comes with unchanged rates today." 
    - RBC Capital Markets (based on Reuters)


    Pair's Outlook 
    Yesterday the USD/CAD pair plunged, as a supply area created by the trendline and weekly PP proved to be strong enough to turn the pair around. Nonetheless, the Greenback declined a bit further than the 20-day SMA support and ended the trading day at 1.2492. If the Buck rises, which is highly unlikely, the currency is to find ceiling at 1.2518, where the weekly PP intersects the trendline. The technical indicators remain neutral; however, several US data releases are expected to increase selling pressure and thus push the US Dollar down. 

    Traders' Sentiment
    Percentage of longs remained unchanged at 74%, whereas the portion of buy commands rose from 59% to 67%.
    © Dukascopy Bank SA

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