Dukascopy - Analytics


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    Loonie pushes the Greenback down

    © Dukascopy Bank SA
    "Next resistance targets for USD/CAD are 1.3246 and 1.3383 though it will take ongoing crude weakness to maintain the USD/CAD rally." - RBC Capital Markets (based on CNBC) 

    Pair's Outlook 
    Upon reaching the 1.31 psychological level, the US Dollar managed to regain the bullish momentum and rally against its Canadian counterpart. The gains were capped by the 1.32 major level, as was anticipated. The resistance cluster around 1.3220, represented by the weekly R1 and the Bollinger band, is preventing the USD/CAD from appreciating today. The Greenback is navigating through murky waters, as it returned to such heights for the first time in almost 11 years, therefore, trade is expected to resume under 1.32, due to a rather strong resistance blocking the way. 

    Traders' Sentiment 
    Traders' sentiment weakened again, as 65% of traders are short the Buck today. The share of buy orders inched higher from 44 to 60%.
    © Dukascopy Bank SA

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