Dukascopy - Analytics

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    USD/CAD on the edge of breaking a ten-year 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 
    The Loonie extended its rally against the US Dollar on Thursday, leading the USD/CAD currency pair down to the up-trend at 1.3530. The Greenback is now on the verge of falling under the 1.35 major level, unless the weekly S2 at 1.3517 will be able to provide sufficient support for a rebound. In case the support fails, the next target to limit the losses is located at 1.3382, represented by the weekly S3. Meanwhile, the100-day SMA, the weekly and the monthly S1s now act as an immediate resistance cluster, but technical studies are unable to support either scenario. 

    Traders' Sentiment 
    Traders' sentiment remains in perfect equilibrium, while pending orders are equally divided between the buy and the sell ones.
    © Dukascopy Bank SA

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