© Dukascopy Bank SA
"It does seem like everybody is just sitting on their hands."
- Klarity FX (based on Reuters)
Pair's Outlook
For the time being USD/CAD does not seem to be in a hurry to follow our bullish forecast—the currency pair is trading flat. Still, the base scenario is a recovery from 1.3240. The first significant resistance in this case will be a combination of the weekly and monthly R1 levels, followed by the 2004 Q3 peak at 1.3380. The upward momentum should nevertheless be preserved until the price arrives at the upper edge of the channel.
Traders' Sentiment
The attitude of traders toward USD/CAD is unchanged—27% are bulls and 73% are bears. And even though we did not see any price moves yesterday, the portion of buy orders went up by 14 percentage points to 65%.
© Dukascopy Bank SA