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    USD/CAD poised for a decline

    © Dukascopy Bank SA
    "Technically, USDCAD looks heavy on the short-term charts but key support at 1.2360/65 remains intact at this point. A break below here could see the USD tumble to 1.19/1.20 we think."
    - Analysts at TD Securities (based on FXStreet)


    Pair's Outlook 
    The currency pair confirmed the forecast, as it edged up on Tuesday; however, the gains were relatively small, only 26 pips. Furthermore, the US Dollar settled at 1.2502, just over the expected 1.25 level. Nevertheless, today we expect a slump, and the technical studies reinforce this view. The nearest support rests at 1.2450, represented by the monthly S1, although the Greenback might fall even deeper, down to 1.24. 

    Traders' Sentiment 
    Market sentiment among the SWFX traders worsened, but is nonetheless distinctly bullish. The portion of bulls slipped from 73 to 69%. At the same time, the buy/sell order ratio now equals 1.5, up from 0.64 yesterday.
    © Dukascopy Bank SA

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