Dukascopy - Analytics

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    USD/CAD regains momentum

    © Dukascopy Bank SA
    "But with the Bank of Canada in a wait-and-see mode possibly for the next meeting or two so, the prospect of a sustainable bounce higher in funds looks limited for now."
    - TD Securities (based on FXStreet)


    Pair's Outlook 
    In spite of the bearish forecast, the USD/CAD edged up at the end of last week. The pair was able to fall beyond 1.21, but managed rise by day's end. Even the nearest resistance, namely the monthly S2, was unable to stop the rally. Technical studies retain their mostly mixed signals, but a slight hike is expected. The fall is doubtful, as the 1.22 psychological level has prevented a decline before. However, the monthly S2 is likely to slow down the rise today, forcing it to close trade somewhere between 1.2214 and 1.2250. 

    Traders' Sentiment 
    Both net positions and net orders increased. The share of long positions rose from 65 to 66%, while the portion of buy orders increased from 28 to 36%.
    © Dukascopy Bank SA

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