Dukascopy - Analytics

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    USD/CAD meets the expectations

    © Dukascopy Bank SA
    "The dollar has travelled a long way in a pretty short time. U.S. yields have risen but they need another catalyst to move further higher. So until then, we could see some consolidation." 
    - CIBC World Markets (based on Reuters)


    Pair's Outlook
    Friday's forecasts came true. The Greenback rallied through all the resistances on its path, until the currency reached a Bollinger band at 1.2626, which stopped the Buck from advancing further. However, a correction should take place after this surge, so the pair is likely to edge down a little on Monday. Meanwhile, the technical studies are mixed, and no significant data is due today. Closest significant upport for the US Dollar is set around the weekly and monthly PPs at 1.2547.

    Traders' Sentiment
    The gap between the long and short positions narrowed, as right now 71% of traders have a positive outlook on the Buck. The portion of buy orders jumped 30 percentage points, from 49% to 79%.
    © Dukascopy Bank SA

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