Dukascopy - Analytics


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    USD/CAD on the edge of breaking the pattern

    © Dukascopy Bank SA
    "The dollar, from a broad perspective, I think there's probably still some more room to strengthen, if the U.S. data's good." 
    - Eaton Vance Corp (based on Bloomberg) 

    Pair's Outlook
    The Greenback outperformed the Loonie on Thursday, putting the nine-week down-trend to the test, but unable to pierce it. Today price opened above the descending channel's resistance line, but a correction is expected to take place and, thus, preserve the pattern. The closest area to limit the dips lies around the 1.31 major level, represented by the weekly PP and the monthly S2. Even though technical indicators support the possibility of a bearish outcome, risks of edging higher and breaking the channel persist. However, in order to confirm a bullish trend, the pair requires to climb over a tough resistance cluster around 1.33. 

    Traders' Sentiment 
    Market sentiment worsened again, as bulls are now outnumbering the bears by only two percentage points.
    © Dukascopy Bank SA

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