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    USD/CAD targets April high

    © Dukascopy Bank SA
    "It has to be said that despite markets adopting a definitive risk-aversion feel, the mood has felt quite calm and there is little panic." 
    - IG Group (based on WBP Online) 


    Pair's Outlook 

    The American Dollar behaved in accordance with the forecast, as it appreciated against its Canadian counterpart. Furthermore, despite volatility reaching 1.26 from the upside, gains were still limited by the Bollinger band at 1.2566. The Greenback is likely to extend its climb today, in spite of having reached a daily low of 1.2563 in the early hours. Immediate resistance is now located around 1.2650, represented by the Bollinger band and the monthly R1. However, we might see a hike towards the April high after fundamental data. 

    Traders' Sentiment 
    Traders' sentiment keeps weakening, as only 37% of traders hold long positions today, compared to 38% previously. At the same time the portion of orders to acquire the US Dollar slid from 45 to 38%.
    © Dukascopy Bank SA

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