© Dukascopy Bank SA
- Scotiabank (based on Bloomberg)
Pair's Outlook
The USD/CAD was rather volatile at the end of last week, as the 2004 high was touched; however, the pair was unable to retake the level, as was anticipated. The closest resistance is still located at 1.4002 (2004 high), which is also reinforced by the Bollinger band. At the same time, the Greenback is supported by a cluster in face of the monthly R3 and weekly PP around the 1.39 psychological level. Nevertheless, the Buck is still likely to outperform its Canadian counterpart and possibly retest the 2004 high, despite technical indicators retaining mixed signals.
Traders' Sentiment
For the third consecutive day the share of bears remains unchanged at 73%, whereas the portion of sell orders increased from 71 to 73%.
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