© Dukascopy Bank SA
- BMO Capital Markets (based on Reuters)
Pair's Outlook
Even though some of the indicators on the daily chart are still in favour of further appreciation of the greenback, it appears that USD/CAD will be unable to overcome 1.10. Accordingly, it is more likely for the currency pair to descend down to the up-trend support line at 1.0814/1.0784 before it manages to gather enough strength to challenge the 2009 September high once again and breach it.
Traders' Sentiment
The difference of 22 percentage points between the bulls (61%) and bears (39%) remains unchanged, although the pace of price's advancement has notably decelerated. Meanwhile, 100 pips from the current price there are notably more sell orders (75%) than buy ones (25%) placed on USD/CAD.
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