USD/CAD tests 2004 Q3 high again

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"We would not be surprised to see a pullback to the 1.32/1.3250 area over the next several days to close some of USDCAD's valuation gap to underlying fundamental drivers. Even here, this would leave spot well above our current fair value estimate of 1.2932." 
- TD Securities (based on FXStreet) 

Pair's Outlook 
The US Dollar reached a fresh ten-year high against the Canadian Dollar on Thursday, but was then pushed back to the 1.33 major level. The outlook for the USD/CAD remains unchanged, as the pair is expected to climb higher again today, amid renewed hopes of an interest rate hike this year and despite yesterday's setback. Immediate resistance is still represented by the Bollinger band and the weekly and monthly R1s, with the next target located at 1.3380, namely the 2004 Q3 high.  

Traders' Sentiment 
Bears keep pushing forward, as 73% of traders are short the Greenback today (previously 71%). The number of sell orders, however, declined from 70 to 69%.
© Dukascopy Bank SA
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