Dukascopy - Analytics


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    USD/CAD finds demand at 1.3630

    © Dukascopy Bank SA
    "I don't think we've reached the inflection point. I think it is just more of a breather, a washout of positioning."
    - Mazen Issa, TD Securities (based on Reuters)

    Pair's Outlook
    USD/CAD managed to rebound from the monthly S1, but unless the currency pair is able to recover past 1.3865/40 (weekly S1, 55-day SMA, and down-trend), the Greenback will likely keep losing ground until the up-trend at 1.35. Concerning the long-term outlook, as long as the 200-day moving average and the 19-month support line in the region of 1.31-1.30 dollars are intact, the bias will remain bullish. Once the price closes higher than 1.39, resistance at 1.1480/60 (monthly PP and 20-day SMA) is likely to be targeted next.

    Traders' Sentiment
    The amount of bulls fell, and the sentiment is now neutral. At the same time, there are currently more commands to buy than to sell near the current price—63 to 37%, respectively.

    © Dukascopy Bank SA

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