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    USD/CAD risks breaking the pattern

    © Dukascopy Bank SA
    "The strength of the dollar really is putting a lot of stress on a lot of exporters right now, more so in some states than others." 
    - Federal Reserve (based on Bloomberg) 

    Pair's Outlook 
    On Monday the support cluster around 1.3305 failed to provide sufficient support, causing the USD/CAD not only to edge below the descending channel's lower border, but also to close under the 200-day SMA. The Greenback still has the potential to recover from yesterday's slump and return within the borders of the channel, but technical studies retain mixed signals. Consequently, there is also a chance of pair falling down and retesting the 21-month up-trend at 1.3187, which in turn is bolstered by the weekly S1 and the Bollinger band. Meanwhile, the 200-day SMA and the monthly S1 form a resistance cluster around 1.33, but will doubtfully keep the Buck from climbing up. 

    Traders' Sentiment
    Bullish traders' sentiment remains unchanged at 56%, whereas the number of sell orders edged lower from 59 to 58% over the day.
    © Dukascopy Bank SA

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