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- Credit Suisse Group AG (based on Bloomberg)
Pair's Outlook
Driven by falling oil prices the USD/CAD currency pair inched higher on Thursday, also climbing over the immediate resistance, represented by the weekly and monthly S1s. The overall trend remains bearish, thus, the Buck is expected to weaken against its Canadian counterpart today. Yesterday's resistance is now the immediate support, but another cluster around 1.2585 is likely to be a more sufficient support area, namely the point where the Bollinger band and the weekly S2. Moreover, the pair received sufficient impetus to remain below the 1.27 level, as Canadian fundamentals strengthened the Loonie earlier today.
Traders' Sentiment
There are 59% of traders holding long positions today, whereas the portion of orders to acquire the US currency edged up from 53 to 66%.
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