USD/CAD to erode 0.9837/08

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"On the upside for Canada's commodity-driven currency China surprised most observers by reporting its exports had rebounded sharply in December."
- Reuters


Pair's Outlook

The struggle between bulls and bears drags on without any notable progress, as the pair remains just above 0.9837/08, but is more probable to end with USD/CAD breaching this support in the end. Firstly, the 200-day SMA dampens appetite for the greenback and thus creates a formidable ceiling at 0.9988/73. Secondly, many technical studies suggest the price is on the verge of initiating a dip.

Traders' Sentiment
SWFX traders' sentiment is stable towards USD/CAD, as bulls are 67 and bears are 33 per cent of the market, meaning that traders are inclined to believe the loonie is to lose some value. As for the orders, the signal is less distinct, with 56% of orders being buy and the rest, 44%, being sell.
© Dukascopy Bank SA

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