USD/CAD gravitates towards 1.31

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The BoC signaled a more dovish outlook for monetary policy by delaying their projected timing of when the Canadian economy will return to full capacity until mid-2017. It increases the likelihood that the BoC will not begin to tighten policy until further into 2017."
- Bank of Tokyo-Mitsubishi (based on WBP Online) 

Pair's Outlook 
The Loonie weakened against the American Dollar after the BoC's statement on Wednesday. As a result, USD/CAD pierced the two immediate resistances and closed trade only at 1.3138. From below the Greenback is now supported by the 20-day SMA, while the 55-day one and the weekly R2 are forming a resistance cluster around 1.3175. Nevertheless, the pair is still expected to decline towards the 1.31 major level, now bolstered by the 20-day SMA as well. A deeper fall towards 1.3050 is also possible if the US fundamentals disappoint too much. 

Traders' Sentiment 
Bulls eventually retreated, as the bears now take up the majority (51%) of the market, whereas 53% of all orders are to buy the USD.
© Dukascopy Bank SA
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Thu, 22 Oct 2015 13:37:05 GMT

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