© Dukascopy Bank SA
"A moderately encouraging European Union summit helps smooth a major tail risk for the global economy -- that's positive for commodity currencies."
- ING Groep NV (based on Bloomberg)
Pair's Outlook
The US dollar fell against the Canadian dollar after the release of disappointing US macroeconomic data. As the pair failed to breach the 1.0323, USD/CAD might test 1.0241 (PP Weekly) as an initial support. If bearish inertia adds to gains, 1.0183/74 (S2 Weekly; PP Monthly) and 1.0133 (100-day SMA) might be targeted next.
Traders' Sentiment
The gap between bullish and bearish positions has slightly widened since yesterday as long positions constitute 61%, while the share of short positions makes up 39% of the market. As for the orders positioning, only 61% of investors are expecting the pair to move downwards.
© Dukascopy Bank SA