© Dukascopy Bank SA
- Westpac (based on WBP Online)
Pair's Outlook
Even though the USD/CAD pair underwent the anticipated correction yesterday, the exchange rate still remained below the lowest level of Q4 2015. The Greenback, however, is still under pressure, as the bearish trend has not yet been fully reversed. The given pair now faces the immediate support cluster around 1.2770, formed by the weekly S2 and the Bollinger band, but the monthly S1 at 1.2722 is a much stronger demand area. Furthermore, the 1.2750 mark is also a level to consider if bears push the Buck lower, as the exchange rate is reluctant to maintain trade below this level.
Traders' Sentiment
For the third consecutive day the share of bulls remains unchanged, taking up 56% of the market. Meanwhile, the portion of orders to acquire the Buck increased from 44 to 57%.
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