Dukascopy - Analytics

Dukascopy

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USD/CAD following the sliding trendline

© Dukascopy Bank SA
"As expected the BoC left policy rates on hold yesterday; however the tone of the statement was more neutral than expected driving a CAD rally." 
- Scotiabank (based on FX Street)


Pair's Outlook 
On Wednesday, the USD/CAD pair slumped, as anticipated. The Greenback tested the two closest resistances, but was unable to breach them, as the US Dollar is following the sliding trendline. Moreover, the Buck lost 67 pips against its Canadian counterpart, before ending the trading day at 1.2425. Technical indicators are showing mixed signs, and the net effect of the Canada and US data is uncertain. Nevertheless, there is a low chance the pair will cross any significant level; hence, it is likely to trade in the range between the 20-day SMA and weekly S1. 

Traders' Sentiment 
The sentiment remains unchanged, 74% of positions are long, while the sell orders prevail over the buy ones: 51% to 49%, respectively.
© Dukascopy Bank SA


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