Dukascopy - Analytics


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USD/CAD to retake 1.30, struggles to overcome 1.3060

© Dukascopy Bank SA
"The U.S. clearly needs to watch the global economy and China. But ultimately if we get a very strong release today, market expectations for a September interest rate hike will probably bounce right back." 
- Rabobank (based on CNBC)

Pair's Outlook 
The USD/CAD declined on Wednesday more than anticipated, as the pair breached the 1.30 major level and found support only at 1.2971, namely the weekly S2. Nonetheless, the weekly S1 is likely to cause the US Dollar to rebound today, but the cluster of important levels around 1.3060 is now providing rather strong resistance. As a result, the pair will doubtfully advance beyond the resistance cluster, even though technical studies are showing bullish signals, supporting the possibility of a positive outcome. 

Traders' Sentiment 
Market sentiment slightly improved, as 37% of traders are now long the Greenback. However, the number of buy orders declined dramatically, from 71 to 32%.
© Dukascopy Bank SA

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