USD/CAD extends consolidation trend

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Coming off the first Fed rate rise in 9 years the jury still remains out as to whether the Fed has erred given continued weakness in the manufacturing sector of the US economy, and weakness in commodity prices." 
- CMC Markets (based on WBP Online)

Pair's Outlook 

The American Dollar posted gains against its Canadian counterpart for another day on Monday, but volatility was still caged within the borders of the monthly R3 and the 2004 high. Even though the USD/CAD remains in a bullish trend, the spot price is currently over 300 pips higher than the up-trend itself, meaning there is enough space for the pair to decline. As a result, the monthly R3 and the weekly PP could fail to hold the losses today if the fundamentals disappoint, while the potential of the pair to reach a new 11-year high also exists. 

Traders' Sentiment 

Today 72% of traders hold long positions, barely changed since yesterday; while the share of buy orders inched up from 27 to 46%.
© Dukascopy Bank SA

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