USD/CAD is trading below 200-day SMA; bears aim at 0.9954 - Technical Analysis - Dukascopy Bank

Tue, 07 Aug 2012 15:59:21 GMT
Source: Dukascopy Bank SA
 
© Dukascopy Bank SA
"Worth noting, though, were the remarks of Boston Fed President [Eric] Rosengren overnight, who ... pushed for unlimited bond purchases by the Fed ... a very dovish policy prescription in these troubled times."
- Michael Derks, FxPro (based on MarketWatch)

Pair's Outlook
The US dollar is holding grounds right now, trading close to 1.0023 and attempting to move higher. For now the pair seemed to stabilize, presenting a chance for bullish traders to change the price direction. Therefore, 1.0023 (PP Weekly) might become the first resistance level, followed by 1.0079 (200-day SMA) and 1.0119 (50% Fibo) in case of a successful breakout.
Traders' Sentiment
The overwhelming majority of traders (73%) still holds long positions on USD/CAD whereas 27% of market participants anticipate the pair to move lower. However, pending order dispositions reveal that the market sentiment is neutral as 50% of investors hold long and short positions.
© Dukascopy Bank SA

Back to feed
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.