© Dukascopy Bank SA
- Toronto-Dominion Bank (based on Bloomberg)
Pair's Outlook
Judging by the recent price action, USD/CAD has failed to complete a bearish correction yesterday, spiking up to 1.0056/49, but subsequently closing beneath 1.0027. This signifies that bulls did not regain their former strength and there is a need for a deeper retracement prior to the revival of a recovery. Consequently, a dip down to 0.9956 (200-day SMA) or even 0.9921/03 should not invalidate the bullish outlook.
Traders' Sentiment
The gap between the numbers of long and short positions has narrowed even further, being that the share of bulls has declined to 51% and the share of bears has increased to 49%. Concerning the orders placed on the pair, there is a notable dominance of buy orders (64%) over the sell ones (36%).
© Dukascopy Bank SA