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USD/CAD attempts to negate last week's losses

© Dukascopy Bank SA
"USDCAD has reclaimed a 1.31 handle as commodity-linked currencies remain under pressure even though oil prices have recovered from a softer start to the week." 
- TD Securities (based on FXStreet) 


Pair's Outlook 
The Greenback managed to pierce the 20-day SMA at the end of the previous week and appreciate against its Canadian counterpart. However, the Buck rallied only 23 pips, as the 1.31 psychological level prevented the pair from edging higher. Nevertheless, the USD/CAD was able to conquer the major level over the weekend, which established it as a support today and gave the US Dollar a nudge today. Immediate resistance is located out of the Buck's reach near the 1.32 major level and is unlikely to be taken, while technical studies suggest the given pair is to advance again today. 

Traders' Sentiment 
Today 70% of the traders have a negative outlook towards the Buck, whereas 73% of all orders are to purchase the Greenback.
© Dukascopy Bank SA


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