Dukascopy - Analytics

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    USD/CAD to retake 1.38

    © Dukascopy Bank SA
    "We've seen hope fade in the energy market that there would be any near-term supply cuts to shore up the price. That's really been driving the bus for the Canadian dollar today." 
    - Cambridge Global Payments (based on Business Recorder) 


    Pair's Outlook 
    The US Dollar overperformed on Tuesday, as it not only erased Monday's losses against the Loonie, but also managed to pierce the immediate resistance. Today the nearest levels to keep the USD/CAD from advancing further are the 20-day SMA and the weekly R1 around 1.3875. Meanwhile, the weekly pivot point has taken the role of the immediate support and should contribute to the pair's possible rally above 1.38. Technical indicators, however, retain bearish signals in the daily timeframe, but the medium-term ones remain bullish since the beginning of the week. 

    Traders' Sentiment 
    Traders remain equally divided between bulls and bears. The portion of sell orders is outnumbering the buy ones by 4% points.
    © Dukascopy Bank SA

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