Dukascopy - Analytics

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    USD/CAD hesitates

    © Dukascopy Bank SA
    "The USD appears to be regaining composure in the aftermath of last week's soft jobs data with some help from U.S. yields, which rebounded from Friday's lows." 
    - BNP Paribas (based on CNBC)


    Pair's Outlook 
    The US Dollar remained relatively unchanged against its Canadian counterpart. There was only a slight decline, as the pair opened under the channel's support trend-line. The Greenback is likely to edge up and possibly end the trading session around 1.25. Meanwhile, the technical indicators are giving mixed signals; however, the outlook for the currency pair remains bearish. Furthermore, there is a chance of USD/CAD forming a bearish channel in the near future. 

    Traders' Sentiment 
    Bulls prevail over bears, with 73% of traders being long the Greenback (previously 58%). The portion of buy orders, on the other hand, decreased by 13 percentage points, down to 39%.
    © Dukascopy Bank SA

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