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    USD/CAD falls deeper

    © Dukascopy Bank SA
    "The near-term focus for USD crosses has been primarily on the idiosyncratic risks associated with many of the other G10 currencies." 
    - ING (based on CNBC)  


    Pair's Outlook 
    On Wednesday, the US Dollar declined against its Canadian counterpart. However, the fall was not as sharp as anticipated. The 1.2214 support level was tested, but it also stopped the USD/CAD pair from edging further down. Ultimately, the Greenback ended trade at 1.22442. Meanwhile, technical studies are still giving off mixed signals, while a slump is expected, amid soft fundamental data. The monthly S2 should prevent the losses or, at least, slow down the decline. 

    Traders' Sentiment 
    SWFX traders' outlook towards the Buck worsened, as the portion of longs lost 20 percentage points, they now take up 44% of the market. The share of sell commands remained unchanged at 72%.
    © Dukascopy Bank SA

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