© Dukascopy Bank SA
- 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.
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