Dukascopy - Analytics

    Dukascopy

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    USD/CAD exits channel

    © Dukascopy Bank SA
    "Payrolls were weaker than expected. The report could add to fears that the trend in growth in slowing significantly, although there is no sign of weakening in jobless claims."
    - High Frequency Economics (based on WBP Online)


    Pair's Outlook 
    At the end of the previous week the Loonie outperformed the US Dollar, forcing the pair to plunge down to the support trend-line. Moreover, USD/CAD tested the lower Bollinger band, while ignoring the monthly S1. All the data indicates a slump for this currency pair, and the technical studies support the bearish bias. Furthermore, the Greenback opened trade today under the channel support trend-line, while the closest support is located at 1.2450, namely the monthly S1. 

    Traders' Sentiment 
    Market sentiment deteriorated, with 58% of participants being long the Greenback (66% before). The gap between the buy (52%) and sell (48%) commands narrowed.
    © Dukascopy Bank SA

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