USD/CAD attempts to establish a fresh ten-year high

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Even though the Fed remained pat in the last (Federal Open Market Committee), the uncertainty remains." 
- Rakuten Securities (based on Business Recorder) 


Pair's Outlook 
The Loonie suffered from poor Core Retail sales figures, which allowed the Greenback to climb to a fresh ten-year high. Trade closed slightly lower in front of a rather strong resistance cluster; however, the exchange rate has already climbed above that area and is currently testing the 2004 Q3 high at 1.3380. Despite the current surge, the tide could still turn later today after Fed Yellen's Speech. A break through the 2004 Q3 high could trigger a rally towards the weekly R2 at 1.3439, while Yellen's dovish speech could result in the USD/CAD turning red by day's end. 

Traders' Sentiment 
More than two thirds of traders are short the Greenback, namely 71%. The portion of buy commands edged plunged from 68 to 30%.
© Dukascopy Bank SA

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