USD/CAD extends rally to last week's high

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The US dollar is deriving support from comments by Fed officials which are keeping alive expectations that they will begin to raise interest rates this year." 
- Bank of Tokyo-Mitsubishi (based on WBP Online) 


Pair's Outlook 
The Greenback attempted to reach the weekly PP, but quickly recovered after hawkish Fed officials' statements and renewed hopes of a rate hike this year. Due to a broadly strong US Dollar and falling oil prices, the USD/CAD is expected to appreciate for the another day today. Immediate resistance rests out of reach around 1.3325, namely the Bollinger band, weekly and monthly R1s; however, the Buck has not seen this high since August. At the same time, the 20-day SMA is supporting the US currency from below, but is unlikely to hold the pair in case of backfire. 

Traders' Sentiment 
Now 70% of all positions are short (previously 73%), whereas the share of sell commands increased from 56 to 61%.
© Dukascopy Bank SA

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