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USD/CAD fails to settle above 1.24; 1.2340 is the new target

© Dukascopy Bank SA
"We think the underlying trend in USDCAD remains higher and we remain longer-term USDCAD bulls." 
- TD Securities (based on FXStreet) 

Pair's Outlook 
On Wednesday, after experiencing serious volatility the Greenback managed to appreciate against its Canadian counterpart. The resistance trend-line was not reached, as the USD/CAD's rally was put to an end by the strong cluster around 1.2380. This cluster is also likely to turn the tide for the Greenback and force it to step back. The 20-day SMA acts as the immediate support around 1.2340, but even this area will be rather hard to reach. Meanwhile, technical studies are giving bearish signals. 

Traders' Sentiment
Market sentiment slight worsened, as 51% of traders now hold short positions. At the same time, the number of buy orders slid as well. Now 52% of orders are to acquire the US Dollar (previously 60%).
© Dukascopy Bank SA

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