© Dukascopy Bank SA
- CanadianForex (based on Reuters)
Pair's Outlook
After last week's decline the U.S. Dollar seems supported around April's low at 1.0859. To our mind, the pair should rebound above the 1.09 level once again. The monthly technical studies are in favour for this scenario to appear, as four out of eight point to the upside. In case USD/CAD fails to surpass the weekly PP at 1.0896 then a dip below April low is possible; although, a decline below the 1.08 level is very unlikely.
Traders' Sentiment
An overwhelming majority (72%) of the SWFX traders believe that the U.S. Dollar is undervalued relative to the Canadian counterpart for the time being. In the meantime, the share of orders to enter the market with a buy trade edged up to 57%.
© Dukascopy Bank SA