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    USD/CAD to remain above 1.25

    © Dukascopy Bank SA
    "Despite this year's recovery in oil prices, huge inventories combined with risk of further bad news on the Chinese economy suggests that momentum could peter out. This factor combined with risk that the BoC will retain a cautious policy outlook suggests USD/CAD may yet pop back above the 1.30 level later this year." 
    - Rabobank (based on FXStreet) 


    Pair's Outlook 
    The Greenback remained completely unchanged against its Canadian counterpart at the end of the previous week, although the 1.25 was put to the test. The USD/CAD pair is now stuck between the 1.2588 level, namely the weekly PP, from the upside, while the 1.25 mark is the lower border, with the weekly S1 providing additional support at 1.2459. Technical indicators are also giving mixed signals, suggesting that no significant development in the Buck's performance against the Loonie is likely to occur today. 

    Traders' Sentiment 
    SWFX traders' sentiment slightly worsened over the weekend, as 62% of all open positions are long (previously 69%). At the same time, the portion of orders to acquire the US Dollar added twenty seven percentage points. The orders now take up 70% of the market.
    © Dukascopy Bank SA

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