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- Tokyo Forex & Ueda Harlow (based on CNBC)
Pair's Outlook
The USD/CAD currency pair remained unchanged yesterday, as technical studies suggested. The pair is now muted around 1.3740, awaiting for the historical event, namely the Fed interest rate hike, to take place. Although the Bollinger band represents immediate resistance at 1.3805, the US currency might surge above the major level of 1.39 and on a rare occasion even touch the 2004 high at 1.4002. Alternatively, any disappointment is likely to lead the Greenback lower, with the up-trend, monthly R1, weekly S1 and the 20-day SMA providing support around the 1.35 psychological mark.
Traders' Sentiment
Exactly three quarters (75%) of all open positions are short, whereas the number of orders to buy the Buck slid from 52 to 40%.
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