© Dukascopy Bank SA
- Bank of Tokyo-Mitsubishi (based on WBP Online)
Pair's Outlook
The USD/CAD has been leaving its multi-year highs area for almost two weeks. On Friday, the Greenback declined slightly more than anticipated, due to the Bollinger band and weekly S2 failing to hold the losses. Today the pair remains supported by the Bollinger band around 1.29, which, in turn, is now reinforced by the 100-day SMA. This area is preventing the American Dollar from edging lower for the second time, although a break of this cluster is possible, as technical studies are emitting bearish signals.
Traders' Sentiment
SWFX traders' sentiment remains unchanged, with 51% of all positions being long. Meanwhile, the majority of all commands are to purchase the Greenback, taking up 58% of the market.
© Dukascopy Bank SA