Dukascopy - Analytics


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    USD/CAD to extend the fall towards 1.5-year up-trend

    © Dukascopy Bank SA
    "Dec Fed hike odds understandably won't fall to zero but they are more likely than not to continue to drift lower, weighing on the USD." - Westpac (based on FXStreet) 

    Pair's Outlook
    The USD/CAD surprised with its performance last Friday, as the pair completely ignored Canadian fundamentals and climbed back up towards the 1.29 major level. Gains were limited by the 100-day SMA, but today the immediate resistance is also reinforced by the weekly PP, reducing the Buck's chances of appreciating again. Furthermore, technical indicators are mostly giving sell signals, but a slump towards the closest support is unlikely, as it is located rather far, namely around the 1.28 psychological area. 

    Traders' Sentiment 
    For the fourth consecutive day the share of bulls (52%) and bears (48%) remains unchanged. At the same time, the percentage of purchase orders slightly decreased, taking up 54% of the market.
    © Dukascopy Bank SA

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