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- RBC Capital Markets (based on MarketWatch)
Pair's Outlook
Despite the presence of the tough resistance represented by the 2009 Sep high and the rising trend-line, USD/CAD effortlessly spiked through 1.10 and stopped only near the weekly R3 at 1.1172, thereby covering 200 pips from yesterday's open price. Now, considering that a key supply zone was breached, the currency pair is set to continue the advancement.
Traders' Sentiment
Poor performance of the Canadian Dollar encouraged even more traders to short it against the U.S. Dollar. The percentage of long on USD/CAD positions increased from 60% up to 64%. At the same time the portion of sell orders around the spot plunged from 71% down to 51%.
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