Dukascopy - Analytics

    Dukascopy

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    USD/CAD set to rally

    © Dukascopy Bank SA
    "It feels like maybe the market is a little more vulnerable on the downside in dollar/Canada - we could test the low C$1.32s."
    - Scotiabank (based on Reuters)

    Pair's Outlook
    USD/CAD appears to be in a good position advance. Although there is a tough resistance level at 1.3328, represented by the monthly R1, since mid-October the currency pair has established a reliable up-trend, which should prevent losses beyond 1.3250. An additional ‘buy' signal is given by the technical indicators, especially in the daily and monthly charts. Above 1.3330 the US Dollar should be targeting the September high at 1.3450. At the same time, a dip though 1.3250 will imply a sell-off at least to the 55-day SMA.

    Traders' Sentiment
    The bears are crowding out the bulls. The percentage of the former rose from 63 to 65%. In the meantime, there is still no difference between the buy (47%) and sell (53%) orders. 

    © Dukascopy Bank SA

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