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    USD/CAD making efforts to preserve bullish trend

    © Dukascopy Bank SA
    "We think markets are psychologically primed to expect consistent builds in inventories, so a drawdown today could leave the CAD prone to a squeeze. This would be short-lived however, with the Fed minutes in the afternoon where we expect the tone to be hawkish." 
    - TD Securities (based on FXStreet)


    Pair's Outlook 
    The American Dollar suffered a small decline against its Canadian counterpart on Tuesday, as the Industrial Production data disappointed, causing an 11-pip loss. The weekly PP was tested yesterday, but kept the USD/CAD hovering above 1.33. The Greenback is determined to take another shot at piercing the given level again today, while technical studies suggest a rebound is due. The second level to hold the losses in case the weekly PP fails is the weekly S1, while the cluster, represented by the weekly R1 and the Bollinger band, is expected to keep the Buck at bay. 

    Traders' Sentiment 
    Bulls now take up 39% of the market, compared to 36% yesterday. The portion of sell commands also declined, from 74 to 58%.
    © Dukascopy Bank SA

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