USD/CAD hovers above 1.10

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"I expect it to go lower. We'll probably see the Canadian dollar get down to 85 cents against the U.S. dollar and that probably means we're not going to get any rate cuts in Canada."
- Scotiabank (based on CBC)


Pair's Outlook

Pair took a step back after failure last week and at the moment is hovering above the major level at 1.10. We expect it to trail slowly lower until it hits 1.10 and then reattempt to advance higher. In case of failure to advance above 1.1174/81 or a dip below 1.10 it should sell off til 1.09. Failure there could provoke a major sell off till 1.07

Traders' Sentiment

Bears are increasing their pressure on the bulls. Bearish holdings increased by 3%, till 42%. In addition to this, majority of pending orders, 53% to 58%, depending on the range, are set to go short as well.
© Dukascopy Bank SA

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