Dukascopy - Analytics

    Dukascopy

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    USD/CAD pierces through support up-trend

    © Dukascopy Bank SA
    "It could be market participants thinking that they might front run that [Rona Inc takeover related flows]."
    - BMO Capital Markets (based on Reuters)

    Pair's Outlook
    Just like in many other major pairs, the US Dollar weakened to the point where it broke through major technical levels. The multi-month up-trend, which was supposed to guide USD/CAD north, was violated, exposing the monthly S1 and 100-day SMA at 1.3629 and 1.3547, respectively. If the bears keep pushing the price lower, the next objective will be 1.3283, namely the monthly S2. Key supports are near 1.31 dollars, represented by the 200-day SMA and the 19-month up-trend


    Traders' Sentiment
    At the moment, the bullish market participants have an advantage over the bears, though superiority in numbers is quite fragile—merely 12 percentage points.

    © Dukascopy Bank SA

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