Dukascopy - Analytics

    Dukascopy

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    USD/CAD to suffer a setback on the way to May high

    © Dukascopy Bank SA
    "A probable ease and dovish policy message should see USD/CAD finally make a solid run at 1.30 next week."
    - Westpac (based on FXStreet) 

    Pair's Outlook 
    After experiencing some volatility on Wednesday, the USD/CAD currency pair inched up only nine pips. Gains were limited by the weekly R1, which in turn is to cause the pair to bounce back today. The nearest support is the April high, located at 1.2667; however, the Loonie might have trouble pushing the Greenback below the 1.27 psychological level. Meanwhile, technical indicators are still showing mixed signs in the short and medium terms, unable to conform the scenario.

    Traders' Sentiment 
    SWFX traders' sentiment remains unchanged, with bears taking up 69% of the market. The share of buy orders, on the other hand, increased from 32 to 55%.
    © Dukascopy Bank SA

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