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- Bank of Nova Scotia (based on Bloomberg)
Pair's Outlook
USD/CAD ended yesterday's trading session just at the major resistance level at 1.0326, the start of which dates back to October, 2011. Theoretically, this level should be dominated by sell orders, since it plays a very important role in all high time-frames. In case the price reverses, firstly the pair will face a 1.0270 level, which contains the weekly PP and a historical support from previous wave. However, before opening bearish position, we should wait for more signals, as the pair remains within a very strong bullish trend.
Traders' Sentiment
Traders enlarge their positions on the Canadian Dollar, as the currency sharply depreciated without any corrections. Pending orders market has 73% orders for buy positions and 27% for sell positions.
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