USD/CAD trying to return above 0.98 - Technical Analysis - Dukascopy Bank

Fri, 12 Oct 2012 15:22:30 GMT
Source: Dukascopy Bank SA
 
© Dukascopy Bank SA
"We've seen ups and downs for the Canadian dollar, but no real direction."
-Desjardins Economic Studies (based on The Wall Street Journal) 

Pair's Outlook
Probability of bearish dip is increasing as pair is starting to move rather erratically. Besides that, technical indicators send strong sell signal while pair does not manage to breach and stay above 0.98 for a longer period which seems to have become a strong technical resistance  level for the traders.

Traders' Sentiment
For more than a week 70 or more per cent of traders have been holding long positions on the pair (74% today). Distribution of pending orders does not predict any changes, as 58% (+3% from yesterday) of pending orders on the pair are to buy the U.S. Dollar.

© Dukascopy Bank SA

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