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USD/CAD attempts to negate Tuesday's losses

© Dukascopy Bank SA
"There is a risk that a further marked appreciation of the [US] dollar -- particularly one that takes place in an environment where policies to address growth deficiencies languish both in the U.S. and abroad -- would be harmful." 
- IMF (based on Bloomberg) 


Pair's Outlook 
On Wednesday, the USD/CAD slightly underperformed, as it appreciated less than anticipated. The 100-day SMA around the 1.24 psychological level managed to push the pair back up, while after reaching 1.25, the trading session ended with the US Dollar stabilising at 1.2455. The rally is likely to extend through Thursday as well, as technical indicators retain their bullish signals. Moreover, the nearest resistance remains unchanged, namely the weekly R1, but the 1.25 area is still the main target for today. 

Traders' Sentiment 
SWFX traders' sentiment slightly improved over the day, as 44% of positions are long (previously 41%). The gap between buy and sell orders narrowed, as 47% all commands are now to acquire the Buck.
© Dukascopy Bank SA


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