© Dukascopy Bank SA
- IG Securities (based on Business Recorder)
Pair's Outlook
The USD/CAD has entered what looks like a consolidation period, as Thursday's recovery is considered to be a mere setback in the pair's bearish trend. Strong Canadian employment data today provided the Loonie with sufficient impetus to outperform the American counterpart, possibly even negating yesterday's gains. Aggregate technical levels retain their mixed signals, also indicating that the pair might consolidate between the 1.2650 and 1.2760 marks. The upper border is also reinforced by the weekly S2, while the lower one by the Bollinger band, the weekly S3 and the monthly S1.
Traders' Sentiment
Bullish sentiment remains strong, taking up 65% of the market, compared to 64% yesterday. Meanwhile, the number of purchase orders remains unchanged at 55%.
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