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- BMO Capital Markets (based on Reuters)
Pair's Outlook
For the time being USD/CAD is inactive, but once the volatility comes back, the US Dollar will likely decline. The currency pair is facing a dense supply area between 1.1670 and 1.1630 after reaching the upper boundary of the channel, and it should be enough not only to stop further advancement, but also to force USD/CAD to give up some of the latest gains. But the dip is expected to last only until 1.14, the lower boundary of the channel.
Traders' Sentiment
The share of bullish market participants remains constant at 70%, meaning the traders expect the greenback to keep getting more expensive. As for the orders, 42% of them are to buy and 58% are to sell the US Dollar.
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