USD/CAD nosedives

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"In the U.S., the rise in the jobless rate is a mild concern. Today's jobs number keeps uncertainty high over when the Fed might taper policy."
- Western Union Co. based on Bloomberg)

Pair's Outlook

None of the nearest supports were prepared for such a powerful downward impulse and failed to stop the drop at 1.0308/1.0267 and 1.0231. Now behaviour of USD/CAD at 1.0210/1.0196 will determine further development of the exchange rate. A close below should imply even more losses, down to the 200-day SMA at 1.0072.

Traders' Sentiment
An absolute majority (75%) of market participants believes that USD/CAD is able to recover, as they have opened long positions, but the recent price action begs to differ. As for the orders placed on the pair, 57% of them are to buy the buck and 43% are to sell it against the loonie.
© Dukascopy Bank SA

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