Dukascopy - Analytics


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    USD/CAD extends recovery, preserves bullish trend

    © Dukascopy Bank SA
    "Still too early for the death of the [US] Dollar, it's just being so strong, it [the Fed] is going to be the first central bank that hikes this month and that's going to be the beginning of a gradual progression that they'll do throughout 2016, so that creates dollar strength." 
    - Plurimi Investment Managers (based on Bloomberg) 

    Pair's Outlook 
    The US Dollar skyrocketed against the Canadian Dollar on Friday, making it the largest intraday gain in three weeks. The pair erased all weekly gains and closed trade at the highest in the last eight weeks, also turning the up-trend viable again. Today the weekly PP, the same up-trend and the monthly S1 are providing the USD/CAD with rather strong support around 1.3350; whereas the immediate resistance rests out of reach—only around 1.3445. The Buck lacks impetus in order to touch the closest resistance cluster, while the 1.34 major level is limiting upside volatility so far today. 

    Traders' Sentiment 
    Bears keep pushing forward, as 62% of traders are short the Buck. Meanwhile, the portion of sell orders decreased from 71 to 63%.
    © Dukascopy Bank SA

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