USD/CAD impetus is on the upside - Technical Analysis - Dukascopy Bank

Wed, 20 Jun 2012 16:18:28 GMT
Source: Dukascopy Bank SA
 
© Dukascopy Bank SA
"Just an extension of Operation Twist might actually see a little bit of a retraction in risk assets tomorrow. If the options are Operation Twist or full on QE, then I think anything less than fullon QE might actually disappoint the market."
- Greg Moore, TD Securities (based on Reuters)

Pair's Outlook
USD/CAD halted today before the FOMC meeting as investors expect the Fed representatives to introduce a new round of . If the 
bearish mood emerges, 1.0174 (PP Monthly) is going to be the first support among bearish investors. A breakout here would expose 
1.0110 (S2 Weekly; Lower Bollinger band) and 1.0003 (100-day ma; S3 Weekly).

Traders' Sentiment
The vast majority of market participants hold bearish view on the pair (75%), expecting USD/CAD to move South over the short term. Within 100 points from 1.0201, the majority of currency traders hold bullish view on the currency couple.
© Dukascopy Bank SA

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