Dukascopy - Analytics

    Dukascopy

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    Real

    USD/CAD in tight range between 1.30 and six-year high

    © Dukascopy Bank SA
    "Front-end U.S. yields are slightly higher - I think that's a key driver. But what's been driving markets over the last few weeks has been weakness in commodity prices." 
    - BNP Paribas (based on CNBC)


    Pair's Outlook
    After reaching a daily low of 1.2979, the USD/CAD currency pair was pulled back up, which resulted in the US Dollar losing only five pips against its Canadian counterpart. Although the pair keeps edging lower at the moment, a rebound might still occur after the US fundamental data is released. Furthermore, technical studies retain the bullish signals, bolstering the probability of a positive outcome. The weekly PP retains its role of the nearest support, while the 2009 high at 1.3062 keeps preventing the Greenback from advancing against the Loonie. 

    Traders' Sentiment 
    Bulls gained some numbers, as 42% of all positions are long today (previously 41%). The share of buy orders edged up from 62 to 67%.
    © Dukascopy Bank SA

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