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USD/CAD refuses to give up bullish trend

© Dukascopy Bank SA
"It's pretty straightforward today - the Fed has said it wants to see improvement in the labour market, which everyone has taken as a couple of hundred thousand jobs each month. If they get that, the dollar stays bid. If not, it will sell off." 
- A senior dealer with an international bank in London (based on CNBC) 


Pair's Outlook 
The Greenback tested the Bollinger band near the 1.32 psychological level and, as a result, was pushed back down, erasing this week's gains completely. Nevertheless, the US Dollar is expected to recover some value today, despite having reached the immediate support cluster earlier today. The USD/CAD is unlikely to test the nearest resistance just above 1.32, although strong fundamental data could render it possible. Technical studies are showing bullish signs, bolstering the probability of a positive outcome.

Traders' Sentiment 
Market sentiment worsened once again, as only 34% of all positions are now long (previously 37%). Meanwhile, the number of buy commands also declined, from 56 to 53%.
© Dukascopy Bank SA


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