Dukascopy - Analytics


    488.50 6.00/10
    83% of positive reviews

    USD/CAD: shallow gains or solid recovery?

    © Dukascopy Bank SA
    © Dukascopy Bank SA
    "Federal Reserve rate hike expectations have taken a knock and the debate has switched from how many times will the Fed hike rates this year to if the Fed will hike rates this year." 
    - UBS (based on CNBC)

    Pair's Outlook 
    Although the USD/CAD pair edged as low as 1.1950 yesterday, the monthly S3 was able to stop the US Dollar from closing lower. It appears that the Greenback started regaining momentum, and a rebound is likely to take place today. A strong support cluster just under 1.20 is to force the Buck to bounce back; however, gains should be limited by the weekly S1 at 1.2080. Nevertheless, if the US fundamentals surprise with strong data, a hike towards 1.2150 has a solid chance occur. 

    Traders' Sentiment
    Although not as strong as yesterday, but SWFX traders' sentiment remains bullish at 57%. Meanwhile, the gap between the buy and sell commands narrowed. Now 51% of orders are to buy the Buck.
    © Dukascopy Bank SA
    © Dukascopy Bank SA

    To leave a comment you must or Join us

    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree