© Dukascopy Bank SA
- TD Securities (based on FXStreet)
Pair's Outlook
The immediate support cluster just above the 1.29 psychological level was tested yesterday, ultimately pushing the USD/CAD higher. The pair reached the weekly PP, but closed trade in front of the 1.30 major level, boosted by tumbling oil prices. The Greenback is likely to ignore the distinctly bearish technical indicators today and extend its rally towards the monthly S1 at 1.3062, a breach of which might trigger the Loonie sell-off, causing the Buck to jump as high as the 20 and 55-day SMAs around 1.3180.
Traders' Sentiment
Market sentiment remains close to the neutral one, with only 52% of traders holding long positions (previously 51%). The portion of buy orders, on the other hand, declined from 58 to 43%.
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