© Dukascopy Bank SA
- Toronto-Dominion Bank's TD Securities unit (based on Reuters)
Pair's Outlook
The US Dollar is looking forward to extend its advance against the Canadian peer as it is attacking the major level at 1.13. The longer term technical studies are giving more or less clear ‘buy' signal, thus most likely the 1.13 level will be breached. However, if USD/CAD fails to do so we expect it to dip towards the cluster of supports (weekly and monthly PP, 20-day SMA) that is located around 1.1250. Through this week the pair might move closer to this year's high.
Traders' Sentiment
The traders' sentiment has not changed for five consecutive days, it still remains at 74% of them being long the pair. Concerning the orders placed 100 pips from the spot, there are now less commands to sell—60% after 69% on Friday.
© Dukascopy Bank SA