USD/CAD closes above key resistance

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"While [the Canadian dollar's] selloff looks overdone in the context of the move in outright yields, there were some epic moves in short end spreads with key cross markets."
- RBC Capital Markets (based on MarketWatch)

Pair's Outlook

Despite the presence of the tough resistance represented by the 2009 Sep high and the rising trend-line, USD/CAD effortlessly spiked through 1.10 and stopped only near the weekly R3 at 1.1172, thereby covering 200 pips from yesterday's open price. Now, considering that a key supply zone was breached, the currency pair is set to continue the advancement.

Traders' Sentiment

Poor performance of the Canadian Dollar encouraged even more traders to short it against the U.S. Dollar. The percentage of long on USD/CAD positions increased from 60% up to 64%. At the same time the portion of sell orders around the spot plunged from 71% down to 51%.
© Dukascopy Bank SA
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Actual Topics

Thu, 23 Jan 2014 15:37:03 GMT

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