Dukascopy - Analytics

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    USD/CAD to cover half of the distance to May high

    © Dukascopy Bank SA
    "USD/CAD should take out 2015 highs at 1.2830 on this run up and test 1.30 on a one month horizon." 
    - Westpac (based on FXStreet)


    Pair's Outlook 
    The US Dollar's behaviour was just as foretold, as the it appreciated versus the Canadian currency. The immediate support was easily breached, and the Greenback even tested the April high at 1.2667. Since the USD/CAD is likely to climb again today, the April high is to be overcome. The second target level that could limit the gains is located around 1.2710, represented by the Bollinger band, but can be just as easily pierced by the end of the day. As a result, the pair could even close trade slightly above the third resistance level, despite mixed technical studies. 

    Traders' Sentiment 
    Less traders now hold long positions, only 32% of them, whereas 56% of commands are now to buy the Buck (previously 38%).
    © Dukascopy Bank SA

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