Dukascopy - Analytics


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    USD/CAD edges closer to the up-trend

    © Dukascopy Bank SA
    "The Canadian dollar is very much still leveraged to what happens in the crude market." 
    - CIBC Capital Markets (based on Business Recorder) 

    Pair's Outlook 
    With the rebound of oil prices and disappointment in US fundamentals yesterday, the USD/CAD fell down to the 1.37 major level. The pair remains weak today, but faces a strong support cluster in face of the 100-day SMA, the weekly and the monthly S1s around 1.3630. Bears might push the Greenback beyond this level, leaving the up-trend at 1.3547 to provide sufficient demand to stop the losses. Meanwhile, the prospects of the negative outcome are also bolstered by the daily technical indicators, although a surge above the weekly PP is not out of the question. 

    Traders' Sentiment
    Bulls and bears remain in perfect equilibrium, but the share of orders to sell the Buck increased from 52 to 59%.
    © Dukascopy Bank SA

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