© Dukascopy Bank SA
- BNP Paribas (based on CNBC)
Pair's Outlook
The USD/CAD posted no surprised on Friday, as it recovered from Thursday's losses and closed trade at the intended area, namely the resistance cluster around 1.3340. The Loonie is likely to be dragged down by the weakening oil prices on Monday and perhaps allow the US Dollar to reach the 2004 Q3 high at 1.3380. However, the Greenback must first stabilise above the monthly R1 and the Bollinger band, that successfully prevented the pair from edging higher last week and might do so again this time.
Traders' Sentiment
Traders' sentiment keeps weakening, with almost three quarters (74%) of traders holding short positions. Meanwhile, a record number of sell orders takes up the market, namely 88%.
© Dukascopy Bank SA