© Dukascopy Bank SA
- USForex (based on Reuters)
Pair's Outlook
USD/CAD has just hit one of the major upward-sloping trend-lines, and the bullish momentum is therefore expected to gain traction in the nearest future. The closest significant resistance is the monthly pivot point at 1.0759, but there is going to be an even stronger supply at 1.0823, if the latter level fails to stop the current up-move. Alternatively, if the U.S. Dollar starts ceding ground, the dip could be halted at 1.0587/58—monthly S1 and 2014 low.
Traders' Sentiment
The sentiment towards USD/CAD is noticeably bullish. The advantage of the bulls remains unchanged, since as many as 71% of open positions are long. Concerning the buy orders, their portion fell from 75% to 70%.
© Dukascopy Bank SA