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    USD/CAD aims to drop under the May low

    © Dukascopy Bank SA
    "[In the US] The job market is improving. Wage income is growing. Wealth has been generally rising, that's a plus on top of wage income growth." 
    - High Frequency Economics (based on Bloomberg)

    Pair's Outlook 
    The Greenback behaved according to expectations, as it plunged against the Canadian Dollar. Immediate support was breached, and the USD/CAD pair closed trade just above the 1.20 level. Technical studies are giving mixed signs today, while we expect the Buck to weaken again. A rather strong support cluster is located around 119.58, which should prevent further losses. However, if the US fundamentals disappoint again, a fall beyond 1.19 is not out of the question.  

    Traders' Sentiment 
    More traders now have a positive outlook towards the US Dollar, as 63% of all positions are long (previously 44%). The number of buy orders lost 26 percentage points, now taking up 28% of the market.
    © Dukascopy Bank SA

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