USD/CAD faltered at 1.0512

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"There are very few bright spots in the global economy and the Canadian dollar has been resilient but it has finally run out of gas."
- ForexLive (based on Reuters)

Pair's Outlook

Following an expected consolidation at the monthly R1 level, the currency should regain the upward momentum and breach it, thereby freeing the path towards 1.06—July high, which in turn is blocking access to 1.07, the levels seen in 2010. However, judging by the daily and weekly technical indicators, this scenario may take some time for USD/CAD to realise.

Traders' Sentiment
An overwhelming majority of SWFX traders, namely 72% of them, seem to foresee farther rally of the currency pair despite the gains already made by USD/CAD. A similar attitude towards the loonie is observed elsewhere as well, CAD is one of the least attractive currencies in SWFX and is sold in 73% of trades in its crosses.
© Dukascopy Bank SA
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