Dukascopy - Analytics

    Dukascopy

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    USD/CAD stuck between weekly S1 and PP

    © Dukascopy Bank SA
    "USD/CAD move higher showing some signs of fatigue but the fundamental atmospherics remain bullish USD/CAD prospects." 
    - Westpac (based on FXStreet) 


    Pair's Outlook 
    Upon reaching the immediate resistance cluster, the pair was pushed back down, breaking through the support line. The US Dollar is now supported by the weekly S1 and the 20-day SMA around 1.3260. while the immediate resistance is at 1.3320, represented by the weekly PP and the monthly R1. Technical studies are suggesting the USD/CAD is to rebound today and preserve the up-trend; however, the pair might still stabilise only at the major level of 1.33, due to lack of potential market movers.

    Traders' Sentiment 
    Bulls keep recovering, as 37% of all positions are long today (up from 36%). The majority of all orders, namely 57%, are to purchase the US currency today (previously 44%).
    © Dukascopy Bank SA

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