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    USD/CAD nosedives to 1.2450

    © Dukascopy Bank SA
    "Narrower spreads is really kryptonite for USD/CAD ... Spreads have narrowed - that's bad for the U.S. dollar, good for the Canadian dollar." 
    - TD Securities (based on Reuters)


    Pair's Outlook
    USD/CAD pierced through the 55-day SMA, and the currency pair seems to be willing to go even lower. Still, the bulls have a chance to retaliate at 1.2450, where the monthly S1 merges with the two-month up-trend, though even a dip to 1.24 would also not mean a complete defeat of the bulls. Additional demand areas are at 1.2350/00 (100-day SMA and 23.6% Fibo) and at 1.2214/00 (monthly S2).

    Traders' Sentiment
    The percentage of the bulls in the market is gradually decreasing. While five days ago they took up 70% of the market and 68% yesterday, today their share is already at 66%. As for the orders, their portion surged from 63 to 76%.
    © Dukascopy Bank SA

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