Dukascopy - Analytics


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USD/CAD bounces back after Core Retail Sales

© Dukascopy Bank SA
"US Retail sales missed estimates and USD/CAD put some space between $1.28 and is now at $1.26. Most traders look at it as temporary reprieve from the US longer term bid." 
- National Bank Financial (based on WBP Online)

Pair's Outlook 
The Greenback outperformed yesterday, as the closest resistance levels were not strong enough to stop the Buck from advancing. The US Dollar tested the weekly R2 before settling at 1.2748. However, the pair is already seen declining sharply after the US Core Retail Sales results came out worse-than-expected and, in spite of the mixed technical studies, USD/CAD is likely to remain volatile within the area delineated by the weekly PP and R1. 

Traders' Sentiment 
Market sentiment remains distinctly bullish, with 73% of positions being longs. Meanwhile, the number of commands to acquire the US Dollar surged, as 68% of all pending orders are now set to buy the currency.
© Dukascopy Bank SA

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