© Dukascopy Bank SA
"We've seen that the Canadian dollar has really hung in there. With each crisis the Canadian dollar proves to be a bit less volatile, which limits the downside in times of extreme stress."
- Dov Zigler, Scotiabank (based on MarketWatch)
Pair's Outlook
The greenback slumps against the Canadian dollar and it has already tested 1.0241 level. If the bearish inertia strengthens, 1.0183/74 (S2 and PP Weekly) will be the first target for bears, followed by 1.0133 (100-day SMA) and 1.0049/42 (61.80% Fibo; S3 Weekly), respectively.
Traders' Sentiment
Being that the Canadian Dollar remains among the most preferred currencies in SWFX marketplace, USD/CAD stays oversold to a significant extent, since 65% of traders are long and 35% of positions are short on the currency pair. However, 75% of orders placed on USD/CAD are buy orders, leaving only 25% to sell orders.
© Dukascopy Bank SA