USD/CAD erodes 0.9923/00

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The Bank of Canada is expected to hold rates steady when it announces its rate policy on Wednesday, together with the publication of its Monetary Policy Report."
- Reuters

Pair's Outlook

USD/CAD has largely ignored readings of technical indicators and soared up to a major down-trend resistance line, where it is currently standing. Apart from this, there is the 200-day SMA at 0.9982/67 that lies overhead and should dampen the pace of greenback's appreciation if the U.S. currency carries on advancing. Until 0.9982/67 is breached, the outlook will remain bearish.

Traders' Sentiment
Bulls (75%) continue to build up their advantage over bears (25%), while the Canadian Dollar is giving up its positions relatively to its southern counterpart. However, this also means that the pair is becoming overbought and there might not be enough room for new buyers. The ratio between buy and sell orders is 62% to 38%, respectively.
© Dukascopy Bank SA

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