USD/CAD challenges monthly R3

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Every news we've gotten from the Bank of Canada signals that they're not ready at all to change their tone on the economy."
- Nomura Securities International (based on Reuters)


Pair's Outlook
The U.S. Dollar is challenging the monthly R3 at 1.1167, which is not giving in for now; moreover, it seems that this could be the first day out of seven when the pair does not post daily gains. However, since the pair is trading near the 1.12 level, which has not been touched since March, we might see a period of consolidation or even a correction. If a correction comes into play then a decline towards the 1.11 or the monthly R2 at 1.1082 seems likely.

Traders' Sentiment
There is strong conviction in the market that the Loonie is still heavily overvalued, being that as many as 72% of open positions are currently long. As for the orders, the amounts of buy (59%) and sell (41%) have widened.
© Dukascopy Bank SA

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