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    USD/CAD to find support at 1.39

    © Dukascopy Bank SA
    "The key thing for the Canadian dollar is still the Bank of Canada, oil prices, and the economy."
    - KnightsbridgeFX.com (based on Reuters)

    Pair's Outlook
    USD/CAD remains in the correctional phase after an unsuccessful attack on 1.46 in mid-January. Accordingly, the current target is C$1.39, where the currency pair is expected to meet the support trend-line, which was formed back in October and November of the previous year. If bears manage to push the price even lower, there will still be a chance for the bulls to recuperate at 1.38, where the 55-day SMA coincides with the Bollinger band. Additional demand area is just above 1.37, created by the weekly S2 and monthly PP.

    Traders' Sentiment
    There are more bearish traders than there are bullish ones by 16 percentage points, which means no change compared to yesterday. In the meantime, the portion of sell orders went up from 50 to 58%.

    © Dukascopy Bank SA

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