USD/CAD struggles at 1.3150

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"I think you need a pretty significant deviation (in Canadian inflation) to have it have a large impact on the currency, given that we're still working through the fallout from yesterday's (U.S. Federal Reserve) meeting."
- Andrew Kelvin, senior rates strategist at Toronto-Dominion Bank (based on Reuters)


Pair's Outlook

Yesterday, despite high activity of the bears USD/CAD took notice of the cluster around 1.3150, which unites the monthly PP, 55-day SMA and weekly S1, and it is thus unlikely to give in easily. Considering the technical indicators in the longer time frames, there still could be a pullback to the rising line and weekly PP at 1.3250 before the sell-off is resumed. Below this support the pair is expected to aim for the monthly S1 at 1.2945, followed by the 100-day SMA at 1.2839.

Traders' Sentiment

The sentiment stays strongly bearish, since as much as 74% of positions are long. The distribution between the buy and sell commands is also stable. The latter keep 59% of the market.

© Dukascopy Bank SA

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