Dukascopy - Analytics


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    USD/CAD rallies after minor setback

    © Dukascopy Bank SA
    "Any dip in the [US] dollar will be a good entry level to go long, given we are still expecting some good payrolls numbers next week." 
    - CIBC World Markets (based on Reuters)

    Pair's Outlook 
    Even though the USD/CAD did reach the second resistance level, and even tested the third one at 1.2540, the ultimate reaction was still to the downside. However, a strong support cluster rests around 1.2405, represented by the 100-day SMA and weekly R1. The cluster should cause the pair to rebound and edge a lot higher, since the closest resistance retains its position only at 1.2520. Moreover, the pair is already rallying quite steadily, despite that technical indicators keep showing mixed signal in the daily and weekly timeframes. 

    Traders' Sentiment 
    Net positions and net orders both decreased. The shares of short positions and sell orders are equal to 58%.
    © Dukascopy Bank SA

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