© Dukascopy Bank SA
- Société Générale (based on MarketWatch)
Pair's Outlook
Since the second half of 2012 the U.S. Dollar has been generally outperforming its Northern counterpart. Currently we are in the lower edge of this upward-sloping channel, meaning that not only the long term, but also the short run is supposed to be bullish for the pair, especially considering that none of the notable resistances are obstructing the path towards the July high at 1.06.
Traders' Sentiment
Right now the market is strongly convinced that USD/CAD should rise rather than descend, since 72% of all open positions are long and the remaining 28% are short. At the same time the amount of orders to buy the U.S. Dollar (62%) is substantially exceeding the amount of sell orders (38%).
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