Dukascopy - Analytics


    485.50 6.00/10
    83% of positive reviews

    USD/CAD on the verge of retesting the up-trend

    © Dukascopy Bank SA
    "No change in our USD/CAD view – it's just a matter of time before we see a topside break of the rough 1.28 to 1.34 range that has prevailed the last 3 ½ months." 
    - Westpac (based on FXStreet)

    Pair's Outlook 
    The Greenback gave up on its intraday gains and ended the day in the red zone. However, losses were capped by the weekly PP, holding the USD/CAD above the 1.33 major level on Wednesday. Nevertheless, due to a US Dollar sell-off today, the pair dropped as low as the weekly S1; although efforts are made to recover from those losses. Unless the US fundamentals surprise with outstanding figures, the Buck is likely to close trade somewhere between the weekly S1 and weekly PP. 

    Traders' Sentiment 
    The outlook towards the US currency remains rather bearish, as 63% of traders are now holding short positions (previously 61%). The share of purchase orders added 10% points up to 52%.
    © Dukascopy Bank SA

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