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    USD/CAD bounces back down from 1.30

    © Dukascopy Bank SA
    "Since the Greek rescue deal was tabled, the Fed has become incrementally more hawkish. If the Fed is moving towards a September hike, then there is a plausible risk that next week's meeting could contain some potential fireworks." 
    - TD Securities (based on FXStreet)


    Pair's Outlook 
    After experiencing some volatility, the USD/CAD currency pair still ended the day with a slight surge, but was unable to settle above 1.30. Due to a slowdown in the recent Greenback's growth pace, a correction is likely to occur today, even though technical studies keep showing bullish signs. The US Dollar simply lacks the strength in absence of market movers in order to pierce the 1.30 major level. Nevertheless, losses are not expected to be too sharp, but Monday's gains have a decent chance of being erased. Ultimately, the Buck should close trade around 1.2975.  

    Traders' Sentiment
    Bulls keep gaining ground, as 33% of all positions are long, whereas the portion of purchase orders edged down from 56 to 44%.
    © Dukascopy Bank SA

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