Dukascopy - Analytics


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    USD/CAD starts recovering

    © Dukascopy Bank SA
    "While it is true Thursday's data was good, we need a steady stream of good data for the [US] dollar bull trend to be restored." 
    - ING (based on CNBC)

    Pair's Outlook 
    There were no surprises in the USD/CAD pair's behaviour yesterday, as everything went according to the forecast. The Greenback appreciated against the Loonie, with gains limited by the weekly S1. Moreover, during the trading session a hike towards 1.2132 occurred, slightly lower than predicted. On Friday, the US Dollar is likely to prolong the rally, while technical studies retain mixed signals. The nearest significant resistance rests at 1.2193, namely the weekly PP, although the most probably will close around 1.2150. 

    Traders' Sentiment 
    Bulls are barely in the majority, as 51% of all positions are long, compared to 57% yesterday. Meanwhile, the share of commands to acquire the US Dollar is now equal to 48% (previously 51%).
    © Dukascopy Bank SA

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