© Dukascopy Bank SA
- Westpac (based on FXStreet)
Pair's Outlook
The Greenback appreciated against its Canadian counterpart for another day yesterday. The USD/CAD currency pair not only failed to settle around the 125 psychological area, but also to reach the immediate resistance level at 1.2572. Ultimately, the US Dollar stabilised at 1.2525 and is likely to extend the rally again. Technical studies retain bullish signals, bolstering the positive outcome. From above the border is still represented by the weekly R1, but we should not rule out the possibility of a slump down to 1.2460 if the US fundamentals disappoint.
Traders' Sentiment
The gap between bulls and bears narrowed, as 49% of all positions are long. The share of buy commands increased from 45 to 51%.
© Dukascopy Bank SA