Dukascopy - Analytics

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    USD/CAD attempts to reach June high

    © Dukascopy Bank SA
    "There is still the big question mark over the timing of the first Fed rate hike, although economists believe in September, markets are pricing in later." 
    - CMC Markets (based on WBP Online) 

    Pair's Outlook 
    Despite substantial volatility to the downside, the US Dollar still managed to appreciate against its Canadian counterpart. The resistance trend-line was easily breached, as the Greenback went all the way up to 1.25; however, the Buck settled lower at 1.2476. The 1.25 psychological level is likely to be pierced today, but with gains limited by the weekly R2 at 1.2535, or 1.2560 level, as it prevented the pair from advancing on several occasions before. Meanwhile, technical indicators retain their mixed signals.  

    Traders' Sentiment
    Bears are now in the majority, but taking up only 51% of the market. The portion of purchase orders is also lower, down 19 percentage points. The commands now account for 44% of the market.
    © Dukascopy Bank SA

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