Dukascopy - Analytics

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    USD/CAD returns to 1.29

    © Dukascopy Bank SA
    "The fact that oil appears to have topped out at {$)50 is increasingly creating a perception that risks are skewed to the downside for the Canada dollar."
    - BNP Paribas (based on Reuters)
     
    Pair's Outlook
    USD/CAD bounced off of 1.31 on poor US statistics, but there remains a good chance that the rate will be able to stabilise near the monthly PP and 55-day SMA at 1.2930/00 and potentially resume its recovery from 1.2460. In this case our multi-week objective will be a dense supply area between 1.3292 and 1.3360. Alternatively, if the price moves according to the weekly technical indicators and falls, we will then expect a notable upward correction only from the monthly S1 that stands at 1.2640.
     
    Traders' Sentiment
    There are significantly more SWFX market participants who are bullish with respect to USD/CAD than yesterday—their share rose from 49 to 61%. The percentage of buy orders, however, fell, namely from 54 to 44%.
     
    © Dukascopy Bank SA

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