USD/CAD retreats from 1.1174/72

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"While we don't expect the central bank [BOC] to cut rates in 2014 unless the housing market crashes, they will not succumb to the pressure to raise rates.
- BK Asset Management (based on MarketWatch)

Pair's Outlook

For the rally to prove its sustainability, USD/CAD needs to stay above 1.10 in the next few days. If this support is respected by the market, then in the long term the U.S. Dollar may even target 1.17, the level last seen in July 2009. Conversely, if the up-trend at 1.10 is breached once again, the selling will be expected to weigh on the price until it falls to 1.0814/1.0784.

Traders' Sentiment

Apparently, a majority of the SWFX traders estimate that greenback's appreciation is to persist even further, being that at the moment 61% of them are keeping long positions on USD/CAD. As for the orders, there is a slight advantage of the buy ones (54%) over the sell ones (46%).
© Dukascopy Bank SA

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