© Dukascopy Bank SA
- BMO Capital Markets (based on Bloomberg)
Pair's Outlook
The U.S. Dollar continues to be the better performer relative to its Canadian peer as it reached the weekly R1 at 1.0768 today. Looking towards the pair's future movements, if the weekly R1 is breached then the next key level will be around the 1.08 mark (55-day SMA and weekly R2). However, if the Greenback fails to break the previously mentioned level then a drop towards 1.07 is possible. Although, a decline below the major level at 1.07 is unlikely.
Traders' Sentiment
The sentiment towards USD/CAD remains unchanged since yesterday as 74% expect the Greenback to outperform the Loonie. Meanwhile, the gap between the buy (61%) and sell (39%) orders is little changed.
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