Dukascopy - Analytics


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    USD/CAD takes another shot at taking 1.30

    © Dukascopy Bank SA
    "Longer-term we remain bullish on the pair but will ultimately require a policy catalyst. At the moment, our daily fair value for USDCAD sits just below the 1.29 figure." 
    - TD Securities (based on FXStreet)

    Pair's Outlook 
    After experiencing strong volatility to the downside, the US Dollar eventually managed to regain the bullish momentum yesterday. However, the Greenback lacked the strength to keep edging higher in order to reach the 1.30 level, which resulted in the USD/CAD settling at 1.2950. The Buck is likely to attempt and retake the 1.30 psychological level today, while the nearest resistance rests even higher at 1.3020, namely the weekly PP. Technical indicators keep showing bullish signs, thus the overall bias remains positive. 

    Traders' Sentiment 
    Bears keep outnumbering the bulls, as 55% of all positions remain short. However, there are now more commands to buy the Greenback, namely 62% (up from 46% previously).
    © Dukascopy Bank SA

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