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    USD/CAD attempts to erase Thursday's gains

    © Dukascopy Bank SA
    "A June U.S. rate hike is now out of the question and the focus is whether the Fed provides any hints of a July hike. There are no major U.S. indicators until the Fed's policy meeting next week, and the dollar is likely to remain bearish until then."
    - IG Securities (based on Business Recorder) 


    Pair's Outlook 
    The USD/CAD has entered what looks like a consolidation period, as Thursday's recovery is considered to be a mere setback in the pair's bearish trend. Strong Canadian employment data today provided the Loonie with sufficient impetus to outperform the American counterpart, possibly even negating yesterday's gains. Aggregate technical levels retain their mixed signals, also indicating that the pair might consolidate between the 1.2650 and 1.2760 marks. The upper border is also reinforced by the weekly S2, while the lower one by the Bollinger band, the weekly S3 and the monthly S1.

    Traders' Sentiment 
    Bullish sentiment remains strong, taking up 65% of the market, compared to 64% yesterday. Meanwhile, the number of purchase orders remains unchanged at 55%.
    © Dukascopy Bank SA

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