Dukascopy - Analytics


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    USD/CAD under the risk of returning under 1.41

    © Dukascopy Bank SA
    "The 1.4050 mark in USDCAD should continue to provide a solid backstop and we expect spot to move higher to extend into the mid 1.40s."
    - TD Securities (based on FXStreet)

    Pair's Outlook 
    Friday's US NFP data helped the Greenback to recover from intraday losses and end the day in the green zone, making it a fifth consecutive rally. Nonetheless, the USD/CAD lost positions today, as it returned below the 1.41 level. The immediate support cluster could stay play its role and cause the pair to stabilise above the monthly R1, whereas the second target to hold the losses is located at 1.4053 in face of the weekly pivot point. The key support, namely the four-month up-trend remains intact, meaning the US Dollar is inclined to prolong its rally in the long term. 

    Traders' Sentiment 
    Market sentiment remains bearish, but at 67%, compared to 69% on Friday. The number of purchase orders added 11% points to 57%.
    © Dukascopy Bank SA

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