USD/CAD extends rally for another day

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The Fed meeting on Wednesday is the obvious risk and with Greek negotiations tense and taking a turn for the worse, we could see some flows into US and provide a lift to USDCAD if the FOMC uses this meeting to set up for future rate hikes." 
- TD Securities (based on FXStreet) 


Pair's Outlook 
The USD/CAD slightly disappointed, as the pair edged not as high as anticipated. The Greenback barely managed to cross the 1.23 psychological level, as it settled at 1.2315. We still expect the US Dollar to outperform its Canadian counterpart, with the weekly PP acting as the immediate resistance. However, another strong resistance cluster is located around 1.24, represented by the 20 and 100-day SMA, which is more likely to prevent the surge than the weekly PP. Meanwhile, technical studies retain bullish signals, bolstering the possibility of the positive outcome. 

Traders' Sentiment 
Market sentiment is now bearish, with only 49% of traders holding long positions, whereas the share of buy orders slid from 46 to 29%.
© Dukascopy Bank SA

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