USD/CAD confirms 1.0295/67

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Canada was able to outperform for a while, and now it's starting to look more in line with the U.S. in terms of its economic activity. If anything, maybe underperform. I think that has weighed on the Canadian dollar."
- David Tulk, TD Securities (based on Reuters)

Pair's Outlook

The downward momentum USD/CAD received after encountering 1.0357 was sufficient in order to deliver the price to the support at 1.0295/67, which in turn is not willing to give in at once. The bullish response, however, was anticipated—four out of eight technical indicators on a daily chart were pointing in its favour. Still, the decline might have not come to an end, levels at 1.0231 and 1.0202 remain in danger.

Traders' Sentiment
Some of the market participants have used yesterday's decline to enter long positions on USD/CAD, which now constitute 75% of the total amount. Overall, traders avoid betting on loonie's appreciation, merely 32% of them are long on CAD in all of its crosses.
© Dukascopy Bank SA
Back to articles

Actual Topics

Tue, 04 Jun 2013 15:22:42 GMT

NZD/USD steps back from 0.8113/03

Yesterday's surge came to an abrupt halt as soon as NZD/USD reached the bearish resistance line that may be drawn through the highs posted since May 13.

Tue, 04 Jun 2013 15:21:45 GMT

AUD/USD offsets gains

As feared, AUD/USD's surge from the 2012 low at 0.9577 did not prove to be sustainable, failing to extend up to the weekly R2 at 0.9783, let alone May 21 high at 0.9843, although there is still a chance of such a move in the short term.

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.