Dukascopy - Analytics

    Dukascopy

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    USD/CAD in tight range between 1.2150 and 1.22

    © Dukascopy Bank SA
    "The real problem last week was the lack of anything new to go on, which probably left us more exposed to the potential for a correction on the dollar."
    - Morgan Stanley (based on CNBC)


    Pair's Outlook 
    The USD/CAD surprised with its performance, as the pair edged up rather than down. A 23-pip rally took place, despite weak US fundamentals; however, neither significant level was reached. On Monday, the Greenback is likely to climb up again. Gains should be limited around 1.22, a rather strong resistance cluster. Nevertheless, we should not rule out the possibility of a slump towards 1.21. Meanwhile, technical studies are still showing mixed signs, unable to confirm either scenario.  

    Traders' Sentiment 
    Slightly more traders have a positive outlook towards the Buck today, with 56% of all positions being long (previously 55%). The number of orders to acquire the US Dollar increased from 39 to 43%.
    © Dukascopy Bank SA

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