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    USD/CAD risks piercing the up-trend

    © Dukascopy Bank SA
    "The [US] dollar looks fully priced for the moment and the onus looks to be on U.S. data to support the current level. The risk seems that this correction in the dollar can continue for now." 
    - ANZ Bank New Zealand (based on Bloomberg)


    Pair's Outlook 
    There were no surprises in the USD/CAD's performance on Tuesday, as the pair retested the up-trend and closed trade just above 1.33. Today the Buck experienced minor volatility and remained in limbo for some time, also on the verge of breaking the support trend-line. Technical studies are now giving bullish signals, suggesting the Greenback could even erase yesterday's losses, but the resistance formed by the weekly PP and monthly R1 might cause another decline. The nearest support after the up-trend is around 1.3250, while the 55-day SMA at 1.3190 is a much stronger demand. 

    Traders' Sentiment 
    Bears still have the upper hand, taking up 64% of the market. The portion of buy orders dropped 11% points to 44%.
    © Dukascopy Bank SA

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