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    USD/CAD attempts to take the 1.30 mark

    © Dukascopy Bank SA
    "The improving economic data flow from the US is still leaving open the possibility that the Fed may begin to raise rates from as early as in September offering support for the US dollar." 
    - BTMU (based on FXStreet) 


    Pair's Outlook 
    Even though the US Dollar breached through the 1.30 major level, the USD/CAD pair still remained relatively unchanged by the end of the day. Nevertheless, the bullish momentum is expected to last through today as well, as technical studies suggest. The Buck keeps edging closer to its six-year high against the Loonie; however, the nearest resistance, namely the cluster around 1.3075, is located too far to be reached. Nonetheless, the 1.30 psychological level could still provide sufficient resistance and prevent the pair from rallying. 

    Traders' Sentiment 
    Bulls slightly grew, but remain vastly outnumbered, as only 30% of traders have a positive outlook towards the US currency. The number of buy commands added 20 percentage points up to 56%.
    © Dukascopy Bank SA

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