Dukascopy - Analytics

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USD/CAD gravitates towards 1.2430

© Dukascopy Bank SA
"USD/CAD is staging bit of a comeback, but it is unlikely to see a move higher. BoC Governor Stephen Poloz might prove to be a catalyst for that in the near term. From the US, we'll need to see stronger data to justify a higher move." 
- CIBC World Markets (based on WBP Online)


Pair's Outlook 
The US Dollar underperformed relative to the Loonie on Monday, and although the loss was minor, the Buck nonetheless ignored the monthly pivot point. The technical studies for Tuesday suggest a rebound for the USD/CAD pair; however, this might not be the case. There is a significant possibility the currency pair will prolong the decline down to 1.2430, where it is expected to find the 55-day simple moving average. 

Traders' Sentiment 
Traders' positive attitude towards the Greenback weakened, as 63% of all the positions are now long, while there were 71% of them yesterday. The share of orders to purchase the US Dollar gained 30 percentage points, and now they take up 68% of the market.
© Dukascopy Bank SA


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