© Dukascopy Bank SA
- Scotiabank (based on Reuters)
Pair's Outlook
Today the U.S. currency depreciated below June high, after reaching the weekly R1 at 1.0980 earlier. It is too early to say whether it is a correction or a indication for a new trend to start. Although, we see it as a correction before appreciating towards the major level at 1.10. The technical indicators apply to this scenario as the weekly studies are slightly bearish; however, the monthly technicals indicate a bullish trend.
Traders' Sentiment
The difference between the amounts of long and short positions open on USD/CAD has narrowed since the previous report, as 60% of the traders are bearish. At the same time the gap between the buy (37%) and sell (63%) orders is widening.
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