Dukascopy - Analytics


    472.75 6.00/10
    83% of positive reviews

    USD/CAD poised for more weakness

    © Dukascopy Bank SA
    "We're the prettiest of the ugly out there from an interest-rate and central-banking standpoint, so that helps the dollar, any little news is really the only thing people can go off of right now." 
    - Aspen Trading Group (based on Bloomberg) 

    Pair's Outlook 
    The American Dollar climbed more than 100 pips higher against its Canadian counterpart, amid hawkish comments of Fed officials on Monday. As a result, the USD/CAD currency pair pierced the first level of the immediate resistance cluster—the monthly S2. This level is now acting as the closest support, with the exchange rate once again located within the borders of the descending channel. Meanwhile, the nearest resistance is located at 1.3110, namely the weekly PP. A possibility of the pair to stay range bound between the monthly S2 and the weekly PP is rather high, due to the absent of impetus and mixed technical indicators in the daily and the weekly timeframes. 

    Traders' Sentiment 
    Although not as strong as yesterday, but traders' sentiment remains bullish at 54%. The share of buy orders lost 30% points and slid to 26%.
    © Dukascopy Bank SA

    To leave a comment you must or Join us

    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree