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    USD/CAD tries to overcome the 1.23 area

    © Dukascopy Bank SA
    "The combination of solid employment growth, strengthening wage growth, and low inflation should remain supportive for a pick-up in personal consumption later this year." 
    - BTMU (based on FXStreet)


    Pair's Outlook 
    The US Dollar required a massive boost in order to penetrate the barrier around 1.2250, and Friday's fundamental data provided more than enough. The USD/CAD pair gained 80 pips and even reached 1.2320 during the trading session. Although the pair is currently edging lower, a hike is still likely to take place by the end of the day. Immediate resistance rests at 1.2320, represented by the Bollinger band, meaning that we should see the Greenback overcome the 1.23 psychological level.  

    Traders' Sentiment 
    Today 59% of SWFX traders hold long positions, compared to 52% previously. The portion of orders to acquire the US Dollar increased by six percentage points, up to 66%.
    © Dukascopy Bank SA

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