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    USD/CAD risks resuming the bearish trend

    © Dukascopy Bank SA
    "In terms of drivers, CAD continues to trade in tandem with oil prices in a manner that underscores the importance of the broader tone." - Scotiabank (based on FXStreet)

    Pair's Outlook 
    The US Dollar has been appreciating against the Canadian one since last Thursday, steadily making its way towards the 55-day SMA. Today this target was reached, but it is uncertain whether supply, represented by this SMA, will be sufficient to cause the USD/CAD currency pair to once again begin moving down. Technical indicators are supporting the probability of the negative outcome, but a surprise by the FOMC minutes could also prolong the current bullish momentum. From the downside the weekly PP is the closest support, while the upper border is expected to be the cluster around 1.2970, formed by the 20-day SMA, the weekly R1 and the 23.60% Fibo.

    Traders' Sentiment 
    Now 55% of all open positions are long (previously 56%), whereas the number of sell orders edged lower from 57 to 51%.
    © Dukascopy Bank SA

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