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    USD/CAD lost battle for 1.27

    © Dukascopy Bank SA
    "The slightly better-than-expected Canadian GDP in January, though still showing broad weakness, helped to take the Canadian dollar off its lows."
    - Scotiabank (based on Reuters)


    Pair's Outlook
    Despite a run all the way up to 1.28 yesterday, USD/CAD was unable to gain a foothold above 1.27, and the pair is now looking for support at 1.2640, represented by the monthly PP and 20-day SMA. Still, the upward momentum should be preserved, and the US Dollar will then aim for the resistance trend-line at 1.29. But if 1.2640 fails to withstand the selling pressure, additional supports are at 1.25769/46 and below 1.2500.

    Traders' Sentiment
    Sentiment of the SWFX traders somewhat deteriorated, but the bulls (64%) still enjoy a comfortable advantage over the bearish market participants (36%). At the same time, the share of buy orders went up from 58 to 62%.
    © Dukascopy Bank SA

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