© Dukascopy Bank SA
- Rabobank (based on WBP Online)
Pair's Outlook
The US Dollar kept appreciating against the Canadian counterpart ever since the pair reached the 1.25 major level last week. The USD/CAD even prolonged its rally on Friday, after the NFP figures disappointed, and is likely to continued edging higher today. Gains should be limited by the monthly R1, located on top of the 1.30 psychological level, as there is no sufficient impetus to push the exchange rate towards the second target, namely the cluster around 1.3075, represented by the 55-day SMA and the weekly R1. Meanwhile, technical indicators unable to confirm the bullish scenario, as they retain mixed signals.
Traders' Sentiment
Today 53% of all open positions are long, compared to 52% on Friday. At the same time, the number of sell orders added extra 5% points, having risen up to 66%.
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