Dukascopy - Analytics

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    USD/CAD edges closer to 1.20 barrier

    © Dukascopy Bank SA
    "Last month [in the US] was an anomaly. I think we'll continue to see jobs over 200,000. This is the kind of growth we expect throughout the year." 
    - Northern Trust Asset Management (based on CNBC) 

    Pair's Outlook 
    The Greenback misbehaved yesterday, as it appreciated against the Loonie, rather than plunging. Immediate resistance managed to stop the USD/CAD pair's rally, after volatility stretched out to 1.2160. Today the US Dollar is likely to slide down a bit, with the nearest support located around 1.2103, represented by the weekly PP. Nevertheless, the Buck should still stabilize somewhat lower, between the weekly PP and 1.2050. Meanwhile, technical studies keep showing bearish signs, suggesting the pair is to slump again. 

    Traders' Sentiment 
    Market sentiment has reached a perfect equilibrium. At the same time, the share of purchase orders added six percentage points. They now take up 68% of the market.
    © Dukascopy Bank SA

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