USD/CAD - stabilized just above parity, bulls activating

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Modest economic growth and inflation prospects are expected to keep the Bank of Canada on hold through the rest of this year, with the first rate hike unlikely to come until early 2013 ."
- Diana Petramala at TD Economics (based on Canada.com)

Pair's Outlook
The psychological parity level (1.00) has served as a strong support for the USD/CAD pair. With the RSI (14) approaching its oversold area, we are likely to see the pair augmenting in near-term. The aggregate technical indicators give us a Buy signal in the weekly timeframe as well. Thus, 1.0086, where the 200-day SMA lies, can be the first bullish target for the pair.

Traders' Sentiment
After a perfectly balanced bias on the market yesterday, the SWFX sentiment index demonstrates that bulls are activating on the market. Namely, 65% of traders believe that pair will move North in near term. However, 35% of market participants project pair's downfall below the parity.

© Dukascopy Bank SA
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