USD/CAD continues to surge on Friday

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The brief foray by WTI crude oil below $44.50 immediately weakened the CAD. The movement later reversed, but technically the harm was done and we could see further weakness in crude oil prices in the coming weeks. Sellers, the 1.3000-1.3500 range is within reach." – based on National Bank of Canada 

Pair's Outlook 
The US Dollar is in its fourth session of gains against the Canadian Dollar, as the currency exchange rate struggles with the weekly R1 at 1.3123. On Thursday the pair moved from 1.3058 at the start of the day's trading session to 1.3088 by the end of the day. By 11:00 GMT on Friday the pair was at 1.3114, and it had reached above the weekly R1, as the rate had reached the level of 1.3140. Daily aggregate technical indicators forecast that the surge will continue for the rest of the day. 

Traders' Sentiment 
SWFX traders continue to be majorly bullish on the pair, as 73% of open positions are long. In the meantime, pending orders have become almost neutral, as pending commands in the 100-pip range are 51% long.
© Dukascopy Bank SA

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.