© Dukascopy Bank SA
- Morgan Stanley (based on CNBC)
Pair's Outlook
The USD/CAD surprised with its performance, as the pair edged up rather than down. A 23-pip rally took place, despite weak US fundamentals; however, neither significant level was reached. On Monday, the Greenback is likely to climb up again. Gains should be limited around 1.22, a rather strong resistance cluster. Nevertheless, we should not rule out the possibility of a slump towards 1.21. Meanwhile, technical studies are still showing mixed signs, unable to confirm either scenario.
Traders' Sentiment
Slightly more traders have a positive outlook towards the Buck today, with 56% of all positions being long (previously 55%). The number of orders to acquire the US Dollar increased from 39 to 43%.
© Dukascopy Bank SA