Dukascopy - Analytics

    Dukascopy

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    USD/CAD preserves upward impetus

    © Dukascopy Bank SA
    "Comments from some Fed officials also suggest were are getting closer to a rate hike, while there are a myriad reasons to be short other currencies against the dollar."
    - CIBC World Markets (based on CNBC)


    Pair's Outlook 
    After Friday's surge the Greenback slightly stepped lower against its Canadian counterpart. However, the sell-off was not significant, the Buck did not test any of the important supports. The technical studies suggest sideways movement, while the US JOLTS Job Openings fell, which could negatively affect the price. Meanwhile, the nearest support level stands around 1.2551/43, created by the weekly and monthly pivot points.

    Traders' Sentiment 
    While the bullish SWXF market traders returned to their original percentage at 74%, the number of buy orders in the 100-pip range from the spot price dropped from 79% to 61%, indicating demand may be waning.
    © Dukascopy Bank SA

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