Dukascopy - Analytics

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    USD/CAD to remain below 1.39

    © Dukascopy Bank SA
    "The market's current mood is sufficiently downbeat and Yellen's language likely to be sufficiently hedged that there won't be a steep rally in U.S. dollar." - Westpac (based on Bloomberg) 

    Pair's Outlook 
    The bearish trend remained intact, as the Greenback weakened against its Canadian counterpart yesterday, breaching the immediate support. The down-trend, which is the closest resistance, is now reinforced by the weekly PP and the 55-day SMA. Meanwhile, a strong cluster lies around the 1.36 major level, which should limit the dips; however, in case the sell-off is too sharp, the up-trend and the weekly S2 circa 1.3425 are to prevent the pair from edging lower. Technical studies also suggest a bearish outcome today. 

    Traders' Sentiment 
    Market sentiment remains in a perfect equilibrium for a second day in a row, whereas all pending orders are now equally divided between the buy and the sell ones.
    © Dukascopy Bank SA

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