© Dukascopy Bank SA
- Rabobank (based on FXStreet)
Pair's Outlook
The USD/CAD's behavior was almost identical to the AUD/USD pair's, as trade closed with the Greenback remaining almost completely unchanged against the Loonie. A strong demand cluster, formed by the weekly S1, the monthly S2, the nine-month up-trend, the Bollinger band and the 200-day SMA, keeps providing immediate support around the 1.31 mark, suggesting the US fundamentals are to trigger USD-buying today. However, any disappointment could cause an opposite effect, in which case a 50-pip drop would be considered a blessing for the Buck. A breach of the up-trend puts the 1.30 major level on the plate.
Traders' Sentiment
Almost three quarters (71%) of traders hold long positions today, while 62% of all pending orders are to acquire the US Dollar.
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