Dukascopy - Analytics


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    USD/CAD aims high, targets 1.24

    © Dukascopy Bank SA
    "For renewed US dollar upward momentum to be sustained it will likely require building evidence that the US economy is returning to a more solid pace of growth to support expectations that the Fed will begin to tighten monetary policy later this year."
    - Bank of Tokyo Mitsubishi (based on WBP Online)

    Pair's Outlook 
    On Monday, the 55-day SMA provided sufficient support to stop the US Dollar from edging lower during the trading session. Eventually, a surge took place, and the Greenback crossed the 1.23 level, before stabilizing at 1.2317. The rally is likely to extend through today, whereas the Bollinger band still acts as an immediate resistance, but now at 1.2364. However, the fundamentals might even push the USD/CAD to a stronger cluster around 1.2410, despite that technical indicators retain their mixed signals. 

    Traders' Sentiment
    Although not as strong as yesterday, but market sentiment remains bullish at 55% (previously 59%). The share of buy orders is now in the minority, as only 42% of commands are to acquire the Buck.
    © Dukascopy Bank SA

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