Dukascopy - Analytics


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    USD/CAD continues rally

    © Dukascopy Bank SA
    "We expect the Fed to drop 'patient' this week, but to compensate with its growth and inflation forecasts ... and the Chair will likely emphasize gradual normalization." 
    - Barclays (based on CNBC)

    Pair's Outlook 
    USD/CAD overperformed at the end of the previous week, as the Buck pierced through the nearest resistance levels. The US Dollar obliterated Thursday's decline, as it rose by 96 pips to settle at 1.2780. Today the technical indicators are giving neutral signals, while the US figures are expected to improve, thus further rally against the Loonie is the likely outcome. If the forecasts prove to be correct or worse than the actualy readings, the closest ostacle will be at 1.2878. 

    Traders' Sentiment
    The portion of bulls increased once more, as 75% of all positions are long (previously 74%), whereas the percentage of buy orders dropped to 54%.
    © Dukascopy Bank SA

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