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    USD/CAD aims to conquer the six-year high

    © Dukascopy Bank SA
    "The strong dollar has been mentioned a lot in the earnings statements of the big US corporates but there are also clearly some issues over domestic demand looking at the poor retail sales numbers as well as demand overseas from China with its manufacturing sector seen slumping again in July."
    - CMC Markets (based on WBP Online) 


    Pair's Outlook 
    The Greenback plunged on Thursday, but not as much as anticipated. The USD/CAD almost reached the Wednesday's opening price, but still managed to close trade above the 1.30 major level by day's end. As a result, the bullish momentum is expected to be regained today, while technical studies are bolstering this possibility. Furthermore, the 2009 might finally be taken over, with the monthly R3 forming the next resistance target. However, if the US fundamental data turns out to be poor, the 2009 high might not be reached after all.  

    Traders' Sentiment 
    Bulls gained some numbers, as 31% of all positions are long today (previously 29%). The share of purchase orders slid from 59 to 43%.
    © Dukascopy Bank SA

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