© Dukascopy Bank SA
- Reuters
Pair's Outlook
USD/CAD has been moving at an accelerated pace during the last few days, which allowed it to reach a critical resistance zone at 1.0159/33. Here the U.S. Dollar is likely to halt appreciation and commence formation of a bearish wave, which in turn should be limited by the long-term SMAs in conjunction with the rising support line around 0.9950.
Traders' Sentiment
Extension of the rally has further cut the share of longs, which are now on an equal footing with the shorts, meaning that the traders' sentiment is neutral with respect to USD/CAD, but the tendency is implying that we are approaching a top. On the other hand, the portion of buy positions is rather stable and is standing at 65%.
© Dukascopy Bank SA