© Dukascopy Bank SA
- BAML (based on The Business Times)
Pair's Outlook
Wednesday was a productive day for the American Dollar, as it surged more than 150 pips against the Canadian counterpart. The USD/CAD pair rebounded after reaching the nine-month up-trend, but failed to reclaim the 1.33 mark, despite the strong rally. Nevertheless, fundamental data and falling oil prices once again turned into Greenback's favour, allowing it to outperform the Canadian currency once more. Today the Buck is expected to negate previous week's losses completely, with trade closing in front of the 1.34 major level, continuing to make its way towards the current ascending channel's resistance line.
Traders' Sentiment
There are 69% of traders with a positive outlook towards the Buck today. Meanwhile, 63% of all pending orders are to sell the US Dollar.
© Dukascopy Bank SA