Dukascopy - Analytics


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    USD/CAD gravitates towards 1.31

    © Dukascopy Bank SA
    "The way the market is looking at the (US) payrolls numbers is weak enough to diminish the case for higher US rates, but not weak enough to point to a materially weaker economy."
    - Royal Bank of Canada (based on Business Recorder) 

    Pair's Outlook 
    The American Dollar decline against the Loonie for another day, as it is slowly driving the exchange rate away from the multi-year highs. The USD/CAD breached the nearest support and even tested the second one; however, it proved to be impenetrable for now. As a result, the Greenback is to attempt and regain its bullish momentum, rebounding from the monthly and weekly S1s. The Buck will doubtfully reach the 55-day SMA, which is the ultimate daily target, as the Bollinger band is somewhat blocking the path.

    Traders' Sentiment 
    Market sentiment slightly improved, as 54% of traders now hold long positions (previously 53%). Meanwhile, the number of buy orders increased dramatically, from 22 to 61%.
    © Dukascopy Bank SA

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