Dukascopy - Analytics


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    USD/CAD anchored around 1.30

    © Dukascopy Bank SA
    "CAD could also be vulnerable to domestic economic weakness with September jobs potentially refocusing FX traders on the possibility of further domestic monetary easing, which remains under-priced by the rates market, in our view." 
    - BNP Paribas (based on FXStreet) 

    Pair's Outlook 
    After piercing the monthly S1, the USD/CAD retreated and stabilised only at 1.3038. on Tuesday. However, the pair seems to be reluctant to leave the 1.30 major level, thus, a decline today is likely to occur. Technical studies keep giving distinctly bearish signals, but the weekly PP at 1.3005 might prevent the Greenback from edging lower. In case a rally occurs, the pair could enter a bullish trend, whilst forming a rounding bottom pattern and making its way to the 11-year high. Nevertheless, a drop to 1.29 is the most probably outcome today. 

    Traders' Sentiment 
    Long positions remain unchanged, taking up 52% of the market. Meanwhile, the share of buy orders edged higher from 43 to 63%.
    © Dukascopy Bank SA

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