© Dukascopy Bank SA
- BAML (based on FXStreet)
Pair's Outlook
Despite having reached the 55-day SMA, the US Dollar ultimately sustained losses against its Canadian counterpart. The 20-day SMA managed to prevent the USD/CAD from edging lower, which might also cause a rebound today. The monthly and weekly PPs are potential resistances on the Greenback's path, but the 55-day SMA still remains the main target. At the same time, in case the 20-day SMA gets breached, the next target then lies around 1.30 major level, in face of the 100-day SMA and weekly S1.
Traders' Sentiment
Bulls and bears switched places again, as 49% of all positions are long and the remaining 51% are short. Sell orders are still in the majority, accounting for 67% of the market (previously 73%).
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