Dukascopy - Analytics


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USD/CAD progresses through 1.25

© Dukascopy Bank SA
"This [good NFP data] only reinforces the view that the economy is a lot healthier than the GDP data imply." 
- Deutsche Bank Securities Inc. (based on Bloomberg) 

Pair's Outlook 
The USD/CAD currency pair's behavior on Thursday almost fell in line with expectations. The Greenback outperformed the Canadian Dollar and closet trade just under the predicted 1.25 level. Moreover, the American Dollar is likely to maintain its bullish trend on Friday as well, as technical indicators are still bolstering the positive outcome. Immediate resistance retains its position at 1.2572, represented by the weekly R1, but the pair might lack the strength to move beyond 1.2550. 

Traders' Sentiment 
Bearish market sentiment remains unchanged, as 56% of traders still hold short positions. The portion of purchase orders, however, declined from 47 to 46%.
© Dukascopy Bank SA

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