USD/CAD attempts to retake 1.29

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The C$ has pulled back from its strongest levels, but we see further weakness in the next two quarters as a September Fed hike propels broad gains for the US greenback and oil remains range-bound for the next few months." 
- CIBC Capital Markets (based on WBP Online) 

Pair's Outlook 
The US Dollar remained completely unchanged against the Canadian counterpart, despite rather weak US fundamentals initially triggering a sell-off towards the 1.28 level yesterday. Technical studies imply that the USD/CAD is to appreciate on Friday, with the main resistance located around 1.3005, namely the 55-day SMA, the Bollinger band and the monthly R1. There is also a possible interim level that could limit the gains; it is located at 1.2962 and it prevented the Greenback from rising higher against the Loonie since the middle of April. However, with this week's USD weakness, the pair might even struggle to retake the 1.29 major level. 

Traders' Sentiment 
Bulls and bears broke out of the equilibrium, with 51% of traders being long the Buck. The number of sell orders skyrocketed from 16 to 68%.
© Dukascopy Bank SA
Back to articles

Actual Topics

Fri, 13 May 2016 14:35:50 GMT

NZD/USD on the edge of erasing weekly gains

The NZD/USD pair's performance was similar to the USD/CAD's, as it remained relatively unchanged over the past 24 hours, with exception of experiencing a four-pip rally.

Fri, 13 May 2016 14:57:19 GMT

AUD/USD risks closing under 0.73

The Australian Dollar managed to pierce the nearest support yesterday and almost reach the second target, represented by the monthly S2 at 0.7302.

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
Chcete-li se dozvědět více o platformě Dukascopy Bank CFD / Forex, SWFX a dalších souvisejících obchodních informacích, prosím, zavolejte nám, nebo vám můžeme zavolat my.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.