USD/CAD struggles to breach monthly PP

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"I think the market is really going to focus on Friday's CPI numbers to get a better sense of if we can really trust what the Bank of Canada is saying in terms inflation - are these inflation numbers really transitory?"
- Cambridge Mercantile Group (based on Reuters)


Pair's Outlook
The pair still has not received enough bullish impetus to surpass the monthly PP at 1.0760. If the shorter term technicals are largely neutral, then four out of eight monthly indicators suggest to buy. In the near term we see USD/CAD moving sideways with a slight tendency to move higher. The pair seems well-supported around the 1.07 level with the weekly PP and also 20-day SMA slightly lower; therefore, the pair's decline is unlikely, to our mind.

Traders' Sentiment
The SWFX traders are still strongly bullish. 71% of them expect the Greenback to outperform the Canadian peer, even though they lost three percentage points. Concerning the buy and sell commands placed, their numbers are completely identical at the moment.
© Dukascopy Bank SA

Actual Topics

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.