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    USD/CAD sets eye on 1.5-year support

    © Dukascopy Bank SA
    "At the other end of the spectrum the Fed's data dependence imply that lift-off odds will probably never exceed 50/50 either. That said, even if global markets stabilise and China tail risks abate in coming weeks, the risks into the 16 Dec FOMC seem skewed in the direction of ongoing subdued Fed lift-off odds." 
    - Westpac Banking Corp. (based on FXStreet) 


    Pair's Outlook 
    The Greenback suffered a small decline against its Canadian counterpart, testing the cluster at 1.2935. The pair appears to be glued to the 1.30 major level for now, but the BoC Rate Statement today is likely to force the pair to budge. Technical studies retain distinctly bearish signals, suggesting that the US currency will weaken today. Losses are to be limited by the monthly S2 and weekly S1 around 1.28; however, the USD/CAD still has a relatively solid chance of posting gains towards 1.31 by the end of the day. 

    Traders' Sentiment 
    For seven days straight market sentiment remains bullish at 52%. At the same time, the buy and the sell orders broke out of the equilibrium, with 53% of commands now to sell the US Dollar.
    © Dukascopy Bank SA

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