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    USD/CAD risks falling to 1.29

    © Dukascopy Bank SA
    "The probability of the Fed chair being overly upbeat and hawkish is low. To be fair, no one is really putting any weight on the (Fed's) April meeting being a 'live' one, but the June meeting probably is." 
    - IG Securities (based on Business Recorder) 


    Pair's Outlook 
    Fed Chair's dovish statement caused the USD/CAD to sustain rather serious losses and slump back under the 1.3100 mark, therefore, preserving the descending channel pattern. Today the US Dollar faces a tough resistance, represented by the weekly S1 and the monthly S2 just above the opening price. The Buck also remains pressured by yesterday's statement, pushing the given currency pair towards the 1.30 major level. The closest area to limit the dips is located only around the 1.29 psychological level, namely the Bollinger band and the weekly S2.  

    Traders' Sentiment 
    Traders' sentiment is once again bullish, taking up 56% of the market, compared to 47% on Tuesday. At the same time, the number of orders to acquire the US Dollar increased from 61 to 72%.
    © Dukascopy Bank SA

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