Dukascopy - Analytics


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    USD/CAD advances for the fourth day in a row

    © Dukascopy Bank SA
    "Governor Poloz's optimism seems like it has been fully reflected by the market so it is difficult to sound incrementally more optimistic but given the stronger bid tone in overnight trading, USDCAD may be prone to a bit of a pullback." 
    - TD Securities (based on FXStreet)

    Pair's Outlook 
    There were no surprises in the USD/CAD pair's behavior, as it soared on Tuesday. The Bollinger band lacked the strength to prevent the pair from advancing, which resulted in the Greenback crossing the 1.24 area and stabilising above the resistance cluster around 1.2410. The US Dollar is likely to edge up again today, with the nearest resistance located at 1.2430, represented by the Bollinger band. However, it is also unlikely to stop the rally, but the Buck will neither reach the second resistance. Technical studies retain mixed signals, while we expect the trade to close around 1.2460. 

    Traders' Sentiment 
    Bullish market sentiment remains unchanged at 55%. The portion of purchase orders, on the other hand, declined from 42 to 38%.
    © Dukascopy Bank SA

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