USD/CAD postpones recovery

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The markets will increasingly react to the U.S. data, in our view. Besides the unemployment rate, data including inflation and bank-loan growth are likely to create volatility in the following weeks."
- IS Investment (based on MarketWatch)

Pair's Outlook

Despite USD/CAD being in the proximity of the tough support levels, there is no bullish activity observed at the moment. The 200-day SMA holds the selling pressure for now, preventing the scenario suggested by the technical indicators from materialising. Another argument to believe the positive outlook will prevail in the end is the major trend-line at 1.0240.

Traders' Sentiment
Nearly three out of four SWFX market participants (74%) are betting that the U.S. Dollar is going to increase in price relative to the loonie, being that right now the latter is one of the least popular currencies. Meanwhile, the share of buy orders increased by six percentage points to 70%.
© Dukascopy Bank SA
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