Dukascopy - Analytics

    Dukascopy

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    USD/CAD to edge higher for the fourth day in a row

    © Dukascopy Bank SA
    "USDCAD has made a decisive break of its prior multi-week range and is now flirting with 1.4100 at fresh-multi year highs."
    - Scotiabank (based on FXStreet) 


    Pair's Outlook 
    The USD/CAD reconquered the 2004 high yesterday, due to a boost received from strong ADP Payrolls data. The bullish trend remains intact, as the Loonie keeps suffering from falling oil prices and the worsening conditions in the world's second largest economy—China. The nearest resistance is now represented by the Bollinger band and the monthly R1, located around 1.4020; however, a close above this cluster is highly possible. Meanwhile, the weekly R3 is the closest support, but the pair stabilising in the red zone is unlikely. 

    Traders' Sentiment 
    The number of traders with a negative outlook towards the Buck remains unchanged, namely at 73%. At the same time, the share of sell orders added four more percentage points up to a total of 80%.
    © Dukascopy Bank SA

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