Dukascopy - Analytics

    Dukascopy

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    USD/CAD closes in on 1.20

    © Dukascopy Bank SA
    "The Canadian economy will do extremely well to churn out any job growth in April, given the wave of Target layoffs in the month, plus the see-saw pattern of gains and losses seen recently in the quirky Labour Force Survey." 
    - BMO Capital Markets (based on WBP Online)


    Pair's Outlook 
    On Tuesday, the USD/CAD currency pair edged down, but not as far as expected. The support cluster around 1.20 was reached, but it proved to be too strong, forcing the US Dollar to stabilize at 1.2074. Today the Greenback will attempt to fall beyond the cluster again, while technical indicators, showing bearish signs, suggest the same. The barrier proved to be resilient and will be hard to penetrate; however, it is possible the volatility will stretch out even towards 1.19.  

    Traders' Sentiment 
    For the third day this week market sentiment remains unchanged, with 38% of all positions being long. At the same time, the share of purchase orders increased from 45 to 62%.
    © Dukascopy Bank SA

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