© Dukascopy Bank SA
- TD Securities (based on Reuters)
Pair's Outlook
The inability of the bears to push the price below the immediate support at 1.0462 that portended a soon recovery of the pair resulted in a rally that pierced the monthly R1, freeing the path towards the July high at 1.0609. Additional resistance is found at 1.0701, where the levels seen in 2010, together with the rising trend-line and the monthly R2, form yet another tough zone to pass through.
Traders' Sentiment
Expectations of the market concerning USD/CAD proved to be correct—the U.S. Dollar advanced versus its northern counterpart, but the traders do not appear to be in a hurry to take their profits, they see a potential for the buck to become even more expensive in the nearest future—74% of them are still bullish.
© Dukascopy Bank SA