© Dukascopy Bank SA
– RBC Capital Markets (based on Reuters)
Pair's Outlook
On Friday the US Dollar surged against its Canadian counterpart, after the Canadian CPI and Retail Sales data surprised with weaker figures. Due to this rally, the Greenback managed to return within the borders of an ascending channel pattern, but another rally today is still required for the pattern to be fully confirmed. Technically, a drop should not occur, being that the channel's lower border and the weekly PP form immediate support at 1.3140. Moreover, technical studies are giving bullish signals, implying the USD/CAD is to inch higher. The nearest resistance lies only starting at 1.3244, but no impetus is present to push the given pair that high today.
Traders' Sentiment
Today 71% of traders are short the American Dollar (previously 65%), while 53% of all pending orders are to buy the Buck (up from 46%).
© Dukascopy Bank SA