© Dukascopy Bank SA
- DailyFX (based on Business Recorder)
Pair's Outlook
The US Dollar outperformed its Canadian counterpart for another day yesterday, climbing over the 1.36 major level. The Buck failed to maintain trade above this psychological level, as the strong Canadian fundamentals pushed the USD/CAD slightly lower. A rebound in oil prices boosted the Loonie today, triggering a slight sell-off, but volatility was unable to penetrate the barrier in face of the weekly R2, monthly R1 and the Bollinger band around 1.3530. The pair is likely to undergo a correction today and remain above the immediate support, amid the absence of market movers.
Traders' Sentiment
A total of 70% of open positions are short today (previously 64%). More than three quarters (76%) of all orders are to sell the Buck.
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