Dukascopy - Analytics


    472.50 6.00/10
    83% of positive reviews

    USD/CAD struggles to remain above 1.41

    © Dukascopy Bank SA
    "Given that a spike in risk aversion forced the Fed to temporarily change tack and delay lift-off last September, the question for some investors now is whether a similar development could deal a blow to the USD decoupling trade." 
    - Credit Agricole (based on Reuters) 

    Pair's Outlook 
    Even though the USD/CAD's volatility stretched beyond the immediate resistance cluster, the pair still stabilised under the monthly R1. This area remains a rather strong resistance, keeping the pair from appreciating for the second day this month, implying a decline is possible. Furthermore, strong Canadian fundamentals and higher oil prices outweighed the overhead US NFP data, allowing the Loonie to begin posting gains versus the Buck. The weekly R3 is the nearest support level, but there is not enough momentum for the given pair to drop that low today. 

    Traders' Sentiment 

    Today 69% of all open positions are short (previously 73%). There are now 46% of orders to acquire the Buck, up from 20% yesterday.
    © Dukascopy Bank SA

    To leave a comment you must or Join us

    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree