© Dukascopy Bank SA
- Jun Kato, Shinkin Asset management (based on Bloomberg)
Pair's Outlook
There were no surprises in the USD/CAD's performance yesterday, as the pair edged a few pips lower after having tested the immediate support. The given pair remains supported by the same cluster today, namely the weekly R3, monthly R1 and the Bollinger band, around 1.3540. A broad Dollar sell-off along with poor fundamental data could cause the weekly R2 at 1.3479 to be tested, with the up-trend limiting any excessive losses. At the same time, the monthly R2 is likely any gains if those occur.
Traders' Sentiment
Today 65% of all open positions are short (previously 70%). Although the number of sell orders lost 22% percentage points, they still take up the majority of the market, namely 54%.
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