Dukascopy - Analytics


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    USD/CAD ends correction

    © Dukascopy Bank SA
    "Fundamental developments are helping steady the USDCAD exchange rate, with the recent stabilization in US-Canada spreads at the short end and in the belly of the curve the primary reason we think for the USD's recovery back above 1.20." 
    - TD Securities (based on FXStreet)

    Pair's Outlook 
    The USD/CAD currency pair behaved according to the forecast. The nearest resistance level at 1.2193 was reached, as well as the 1.22 psychological level, but the US Dollar still settled just over the predicted 1.2150 level. On Monday, we expect the Greenback to remain relatively unchanged and maintain trade within the tight range between the weekly PP and the 20-day SMA. Nevertheless, technical studies are giving bearish signals, suggesting a decline. As a result, the pair is likely to edge slightly down towards the weekly PP. 

    Traders' Sentiment 
    A lot less traders now have a positive outlook towards the Buck, as only 38% of all positions are long. The share of buy orders added six percentage points, they now account for 54% of the market.
    © Dukascopy Bank SA

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