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– Danske Bank (based on FXStreet)
Pair's Outlook
Despite some previous setbacks, the US Dollar managed to edge higher against the Canadian Dollar yesterday, successfully retaking the 1.35 major level. However, the USD/CAD currency pair still faces a strong resistance area, located around 1.3570. This cluster kept the Buck at bay for two previous weeks and is expected to do so again today, in spite of technical indicators retaining bullish signals both in the daily and the weekly timeframes. There is little room for a rally, thus, there is a substantial risk of bears taking over the market, which would result in a slump back under 1.35, with the weekly PP and the 20-day SMA being the closest support circa 1.3435.
Traders' Sentiment
Bearish traders' sentiment remains unchanged at 56%, whereas the buy and the sell order ratio is equal to one today.
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