Dukascopy - Analytics


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USD/CAD aims higher, attempts to negate last week's losses

© Dukascopy Bank SA
"Near term our outlook for a first Fed hike in September leaves room for upside to USD rates and greenback strength in turn." 
- Danske Bank (based on FXStreet)

Pair's Outlook 
The USD/CAD refuses to behave in accordance with expectations for the second day in a row. Yesterday, upon reaching the weekly PP, the US Dollar tried to advance further, but fell back even under the 1.23 major level. According to the technicals, the Greenback is likely to suffer losses against the Canadian Dollar today; however, we believe the Buck will be able to regain the bullish momentum. The resistance cluster around 1.24 should be the upper border for the given currency pair, although a hike, further is not out of the question. 

Traders' Sentiment 
Bears are in the majority again, with 53% of short positions. The buy and sell commands, however, reached a perfect equilibrium.
© Dukascopy Bank SA

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