© Dukascopy Bank SA
- Citi (based on Reuters)
Pair's Outlook
Neither the up-trend support line nor a cluster formed by the weekly and monthly S1 levels were able to prevent U.S. Dollar from preserving the bearish tendency started on Sep 3. However, the decline appears to be overextended and is not anticipated to bring the price below a tough area at 1.0285/65—a supposed floor for fluctuations in the medium term.
Traders' Sentiment
Looking at the green candle being presently formed, it seems the expectations of the largest part of traders (71%), namely bulls, are finally starting to be realised, though it is too early to claim that USD/CAD has reached a bottom and that it is not going to step lower from the current levels.
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