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USD/CAD takes another crack at 1.2250

© Dukascopy Bank SA
"The ongoing rebound is likely to continue towards the neckline of the H&S pattern at 1.24. A sustained move above will stretch the recovery further." 
- Societe Generale (based on FXStreet)


Pair's Outlook 
The USD/CAD currency pair remained relatively flat yesterday. Even though the pair reached 1.2244, the strong resistance cluster pushed the pair back. Ultimately, the Greenback stabilised at 1.2197 and is expected to regain bullish momentum. The closest resistance is still located around 1.2250, represented by a number of significant levels, although technical indicators keep showing mixed signs. The US Dollar will require a major boost in order to pierce the barrier, as it has prevented the USD/CAD from advancing for the past three days.

Traders' Sentiment 
Both, bulls and purchase orders lost two percentage points. Now 52% of traders are long and 60% of commands are to buy the Buck.
© Dukascopy Bank SA


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