© Dukascopy Bank SA
"The data everywhere is quite bleak. While the focus is still on the euro zone, we have the UK in a recession, the euro zone nearly there, all of which could spillover and drag the U.S. and China lower. In that kind of a scenario, investors will head into the U.S. dollar."
- Standard Bank (based on Reuters)
Pair's Outlook
USD/CAD continued the really and breached the 1.0289 level (R1 Weekly), indicating a reiteration of the bullish trend on USD/CAD. Thus, 1.0373 (Upper Bollinger band; R2 Weekly) and 1.0420 (R3 Weekly; Upper resistance level) are likely to be targeted next, though the pair might retrace from the latter line.
Traders' Sentiment
According to SWFX traders' sentiment, most of market participants (54%) still anticipate USD/CAD to advance further, while 36% of currency traders expect the pair to fall down. Within 100 points from the present market price, investors expect USD/CAD to rise (73%).
© Dukascopy Bank SA