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    USD/CAD reconfirms channel's resistance line

    © Dukascopy Bank SA
    "A remarkable improvement in a constellation of CAD-negative factors suggests to us that the low point for the CAD was seen early in the first quarter." 
    - Bank of Nova Scotia (based on The Globe and Mail) 


    Pair's Outlook 
    The American Dollar managed to recover from its intraday low yesterday and end the day with a retake of the 1.30 mark. The Aussie is expected to edge higher again, but with gains limited around 1.3085, with the weekly S1 and the descending channel's upper border forming a strong resistance cluster around that area. In case volatility surges higher, the second group of resistances, namely the 20-day SMA, the weekly and the monthly PPs is to contribute to stopping the rally. Technical studies, however, are unable to confirm this scenario with their mixed signals. 

    Traders' Sentiment 
    Although not as strong as yesterday, but traders' sentiment remains bullish at 53% (previously 58%). At the same time, the number of orders to sell the US Dollar added 25% points, having risen to 67%.
    © Dukascopy Bank SA

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