Dukascopy - Analytics

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    USD/CAD anchored around 20-day SMA

    © Dukascopy Bank SA
    "We continue to expect C$ weakness ahead as the full extent of the oil price shock has yet to be felt, which set against Fed rate hikes later this year will support USD/CAD from a policy divergence perspective."
    - BAML (based on FXStreet) 

    Pair's Outlook
    Despite having reached the 55-day SMA, the US Dollar ultimately sustained losses against its Canadian counterpart. The 20-day SMA managed to prevent the USD/CAD from edging lower, which might also cause a rebound today. The monthly and weekly PPs are potential resistances on the Greenback's path, but the 55-day SMA still remains the main target. At the same time, in case the 20-day SMA gets breached, the next target then lies around 1.30 major level, in face of the 100-day SMA and weekly S1. 

    Traders' Sentiment 

    Bulls and bears switched places again, as 49% of all positions are long and the remaining 51% are short. Sell orders are still in the majority, accounting for 67% of the market (previously 73%).
    © Dukascopy Bank SA

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