© Dukascopy Bank SA
- BNP Paribas SA (based on Bloomberg)
Pair's Outlook
USD/CAD continues to trade around the higher levels this year, as it approached the monthly R1 and weekly R2 at 1.1345/57 today, unseen levels this year before yesterday. The weekly and monthly technicals are directed to the upside, thereby putting an even bigger pressure on the resistances. We; however, do not believe that the Greenback will continue to outperform the Canadian counterpart this heavily, current levels might be the top for the time being.
Traders' Sentiment
There still is a very strong conviction in the market that the US Dollar is heavily undervalued, being that as many as 75% of open positions are currently long. As for the orders, the amounts of buy (36%) and sell (64%) have changed sides.
© Dukascopy Bank SA