USD/CAD reaches April 2009 high

Source: Dukascopy Bank SA
© Image watermark
"The prospect of the Fed statement next week -- which reiterates that the economy is recovering well and most likely they need to raise rates this year -- definitely underpins the dollar."
- Westpac Callow (based on Bloomberg)


Pair's Outlook
The USD/CAD was little changed amid a low volatility in the market. Generally, the pair seems to be fluctuating near the 2009 April high at 1.246. In case of a break above, the next resistance level is seen at weekly R1 at 1.26. On the other hand, if the pair will break below, the weekly PP should be met at 1.22 and act as a support line.

Traders' Sentiment
While the sentiment from indicators is still neutral, 51% of traders are holding their long positions. Meanwhile, the 50– pip pending orders will be bought for 47% of traders and the 100– pip ones are set to be long by 42% of all.

© Image watermark

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.