Dukascopy - Analytics


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    USD/CAD takes a chance at negating last week's losses

    © Dukascopy Bank SA
    "The big twin uncertainties over the past few months have been Greece and Fed tightening, and we may have arrived at a point where the Greek thing is just gone and everyone is just left to concentrate on Fed tightening."
    - Altana Hard Currency Fund (based on Reuters) 

    Pair's Outlook 
    At the end of last week the US Dollar suffered rather serious losses, as was anticipated. Although the pair closed trade between the April high and monthly R1 levels, the bullish momentum was not lost. The USD/CAD should regain some ground, as the trade opened slightly higher today, and the weekly PP prevented the pair from edging lower earlier today. However, the Greenback will doubtfully manage to rise high enough in order to erase last week's losses, with 1.2720 being the daily target.

    Traders' Sentiment 
    Bulls keep retreating, as 70% of all positions are now short (previously 68%). Nonetheless, there are more buy than sell orders, the former take up 55% of the market.
    © Dukascopy Bank SA

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