© Dukascopy Bank SA
"There is a risk that Bernanke in his speech could pour cold water on rising U.S. yields. But any dollar weakness will be bought into as the U.S. economy has the impetus to continue recovering."
- CIBC World Markets (based on Reuters)
Pair's Outlook
The currency pair has taken yet another step towards 1.0447, which are now separated by mere 50 pips. Still, USD/CAD will need to push through 1.0496/83 (weekly S1 and 20-day SMA) first to test the key level. In case the price decides to adhere to the scenario implied by the technical indicators, the first obstacle it will likely encounter is located at 1.0552
Traders' Sentiment
If we are to believe the opinion of the majority of traders (right now 71% of them bullish on the U.S. Dollar) the recent dip in USD/CAD should not be extended further; quite the opposite should happen, the decline should be offset and turned subsequently into a rally. Meanwhile, the ratio between the buy and sell orders is 46% to 54% accordingly.
© Dukascopy Bank SA