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    USD/CAD rebounds after a plunge

    © Dukascopy Bank SA
    "Both central banks are in dependency mode. The Fed has a tightening bias, and the BoC has an easing bias. We expect the weaker trend in the Canadian dollar to continue." 
    - RBC Dominion Securities (based on WBP Online)


    Pair's Outlook 
    There were no surpises in the pair's performance on Thursday. The exchange rate negated some of the Wednesday's losses and ended the trading session at 1.2716. While the technical indicators on the daily and weekly time-frames are distinctly giving bullish signals, resistance created by the weekly PP and monthly R1 is still intact. However, if it is breached, there will be a good chance of a surge up to 1.2840. 

    Traders' Sentiment 

    Although not as strong as yesterday, but the market sentiment remains bullish: 72% of traders are long the Greenback. Meanwhile, the portion of commands to purchase the US Dollar went up; 57% of orders are now set to buy.
    © Dukascopy Bank SA

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