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- Scotiabank (based on Reuters)
Pair's Outlook
Right now USD/CAD is moving back to the up-trend line it breached on Jan 22. Consequently, if the support at 1.1037/28 withstands the selling pressure, bullish intentions of USD will be confirmed, and they are also implied by the daily technicals. Conversely, should the demand be insufficient to halt the decline, the exchange rate will have a good chance to tumble down to 1.0851/35.
Traders' Sentiment
The market is exploiting cheapening greenback by buying it on the dip, as observed from the increasing share of long positions—55% last Friday and 59% today. Concerning the orders, more and more buy ones are appearing around the current price. Compared to the previous update their portion grew from 34% to 49%.
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