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    USD/CAD: surge in progress

    © Dukascopy Bank SA
    "Our baseline view is that the Fed can start its normalisation process around mid-year."
    - Australia and New Zealand Bank (based on CNBC)


    Pair's Outlook 
    Even though the pair managed to climb on Tuesday, the gains were not sufficient to cover the preceding day's losses. The US Dollar is expected to continue appreciating, as the technical indicators are giving bullish signals and the Canadian Wholesale Sales decreased substantially more than anticipated. Nevertheless, most of today's outcome depends on the Fed. The Bollinger band at 1.2850 provides resistance, whereas a stronger level is located a bit higher, namely at 1.2878. 

    Traders' Sentiment 
    The portion of bulls slightly declined, as 73% of SWFX market participants are long the US Dollar. Meanwhile, the percentage of commands to purchase the Buck edged down to 40%.
    © Dukascopy Bank SA

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