Dukascopy - Analytics

    Dukascopy

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    USD/CAD rebounds at the end of the week

    © Dukascopy Bank SA
    "Given our forecast of a December Fed hike, we expect USD/CAD to push to the 1.23 region by year-end." 
    - Rabobank (based on FXStreet)

    Pair's Outlook 
    As the USD/CAD reached the 200-day SMA, the pair bounced right back all the way to 1.20. However, the US Dollar still settled at 1.1983, just under the 38.20% Fibonacci retracement. The rally is likely to extend through Friday, in spite of worse-than-expected US fundamental data. The 1.20 area is going to be overcome today, while the closest significant resistance lies around 1.2075. Moreover, a surge to 1.21 is the ceiling level, since due to the poor fundamentals, the pair will lack the strength to get higher. Meanwhile, technical studies retain mixed signals.  

    Traders' Sentiment 
    Slightly more traders have a positive outlook towards the Buck, as 60% of positions are long, whereas the buy/sell ratio is equal to one.
    © Dukascopy Bank SA

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