Dukascopy - Analytics

    Dukascopy

    468.75 6.25/10
    83% of positive reviews
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    USD/CAD at the highest in four weeks

    © Dukascopy Bank SA
    "Our view is that the dollar is still going to do well, but probably it is a little premature to jump back into long-dollar positions because we don't see an immediate catalyst. Ultimately it will have to be the data to get people back in and we might have to wait for May's payrolls for that." 
    - BNP Paribas (based on Reuters)


    Pair's Outlook 
    The US Dollar managed to appreciate against its Canadian counterpart yesterday, almost negating two-week losses. However, the USD/CAD pair was unable to overcome the 1.2150 area, as it failed to do so in the past two weeks. The weekly R1 is providing formidable support and is likely to push the Greenback higher today, with the Bollinger band as the closest resistance. The cluster around 1.2250 provides stronger resistance, while technical indicators are giving mixed signals. 

    Traders' Sentiment 
    Although not as strong as yesterday, but market sentiment remains bullish with 56% of positions being long. The buy/sell command equilibrium has been broken, as 61% of orders are to buy the Buck.
    © Dukascopy Bank SA

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