USD/CAD drops to monthly S1

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Ahead of the Fed and ahead of the ECB, we see some strength both in the euro and the Canadian dollar. For the Canadian dollar, one can look at the pickup in crude-oil pricing as well as the pickup in equities, along with the inference the Fed will remain steady on quantitative easing." 
- National Bank of Canada (based on Bloomberg)


Pair's Outlook

The Canadian Dollar is getting even stronger today, as the GDP data indicates a faster rate of growth. The pair slipped through the 100-day SMA at 1.0113 to the monthly S1 level at 1.0097. Further depreciation is possible considering the fact that the next support level is only at 1.0022, the monthly S2, but on the other hand, the pair quickly performed a substantial drop from a 1.03 benchmark, therefore further downside movement might push the price to an oversold zone.

Traders' Sentiment
Together with a decreasing value of the loonie, traders improve their long positions and today there are 71% of positions expecting a reverse and a beginning of appreciation. Waiting orders market is heavily bullish—79% of orders are long.
© Dukascopy Bank SA

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