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    USD/CAD falls deeper into the pit

    © Dukascopy Bank SA
    "The US dollar lost out to commodity currencies on Monday with the Norwegian krona and Canadian dollar getting a lift from higher oil prices."
    - CMC Markets (based on WBP Online)


    Pair's Outlook 
    On Monday, the USD/CAD suffered significant losses. The pair reached down to the weekly S1, but stabilized at 1.2092, just eight pips away from the target level. Technical indicators keep showing mixed signs in the short perspective, while the weekly ones remain bullish. An extension of the fall is expected, and the US Dollar should close between the weekly S1 and the monthly S3, unless US fundamental data surprises with outstanding figures. The weekly PP is to limit any possible gains. 

    Traders' Sentiment
    There are less bulls than before among SWFX traders, as only 54% of all positions are long. The percentage of commands to acquire the Greenback is now in the majority of 51%.
    © Dukascopy Bank SA

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