Dukascopy - Analytics

    Dukascopy

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    USD/CAD slightly rebounds

    © Dukascopy Bank SA
    "Central bank policy has shifted towards data dependency, increasing the importance of employment and inflation releases. The Fed is expected to enter a hiking cycle, while the BoC is expected to maintain low rates and eventually succumb to a second interest rate cut." 
    - Scotiabank (based on FXStreet)

    Pair's Outlook 
    The US Dollar added 26 pips against its Canadian counterpart and managed to test the monthly pivot point, before settling at 1.2518. For the second day the technical studies suggest a bullish bias for the Buck; however, if the BoC Governor's speech turns out to be on the hawkish side, USD/CAD might decline to the 55-day SMA at 1.2455. Meanwhile, nearest resistance retains its position at the monthly PP at 1.2543. 

    Traders' Sentiment 
    Market sentiment among SWFX traders improved, as 68% (previously 61%) of all positions are long. At the same time, the number of buy orders during the last 24 hours plunged from 71 to 45%.
    © Dukascopy Bank SA

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