© Dukascopy Bank SA
- 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