USD/CAD struggles at 55-day SMA

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"We're just in an adjustment process now where softness in the Canadian dollar is catching up to where the rest of the world is."
- Scotia Capital (based on Bloomberg)

Pair's Outlook
Seemingly successful attempt of USD/CAD to recover from 1.0039/22 is associated with substantial downside risks, as shown by the daily indicators, nearly all of which are giving ‘sell' signals. Yesterday the currency pair has closed above both the 55 and 100-day SMAs, but today has encountered difficulties with climbing higher. In case the bulls revive the rally, the price should approach a major down-trend resistance line at 1.03.

Traders' Sentiment
Right now the Canadian Dollar is one of the least popular currencies, as it was bought in only 35% of cases throughout its crosses. Accordingly, 74% of positions opened on USD/CAD are long. The ratio between the buy and sell orders is 67% to 33%, respectively.
© Dukascopy Bank SA
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