Dukascopy - Analytics

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USD/CAD slumps hard

© Dukascopy Bank SA
"1.30 still the target mid-year as the implosion in Canada's energy patch increasingly bleeds into the broader economy and likely triggers a dovish tilt by the BoC at upcoming meetings." 
- Westpac (based on FXStreet)


Pair's Outlook 
Federal Reserve's meeting weighed on the Greenback on Wednesday, forcing USD/CAD to move south. The currency pair lost 220 pips, and the trading session ended at 1.2565. Last week's gains were completely erased, but there is a correction underway. The technical indicators are showing bullish signs, bolstering a positive bias. Closest significant resistance is created by the weekly PP and monthly R1 around 1.2730. 

Traders' Sentiment
Long bets take up 73% of all positions, meaning the sentiment of the SWFX market is distinctly bullish. Meanwhile, the gap between the buy and sell orders narrowed during the last 24 hours, namely from 20 percentage points to only 8.
© Dukascopy Bank SA


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