Dukascopy - Analytics


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    USD/CAD: 1.20 in sight

    © Dukascopy Bank SA
    "The mid-week breakdown in USDCAD below support in the low 1.22 area may steady from a short-term point of view but USDCAD needs to regain 1.2225/30 to stabilize more durably." 
    - TD Securities (based on FXStreet)

    Pair's Outlook 
    As was expected, the US Dollar declined against the Canadian Dollar on Thursday. The monthly S2 was unable to stop the fall, but it slowed it down, preventing the Greenback from reaching the lower Bollinger band at 1.2087. The USD/CAD is likely to prolong the decline through Friday. Immediate support is represented by the Bollinger band around 1.2051; however, a volatility might extend even down to 1.20. Technical studies remain mixed, unable to bolster neither the bearish, nor the bullish outcome. 

    Traders' Sentiment 
    Market sentiment among SWFX traders improved, as 55% of all positions are now long (previously 44%). The share of buy commands gained 11 percentage points, now accounting for 39%.
    © Dukascopy Bank SA

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