USD/CAD lost momentum

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The near-term gyrations in the inflation measures will not significantly affect the bank's policy stance as it is the medium-term outlook that drives their policy."
- Royal Bank of Canada (based on The Globe and Mail)

Pair's Outlook

Despite the momentum the pair demonstrated last week it failed to advance further today and is approaching 20-day SMA. It should support the pair in the medium to long term and, taking in mind distribution of pending orders, is likely to ignite a rally. In such case we should expect 2014 high to be tested in the nearest future. Dip below the 20-day SMA could provoke a sell off till February low at 1.0911.

Traders' Sentiment

Bullish side of pending order expanded by amazing 25-50%, depending on the range, and is at 60-70% levels today. Market sentiment remains slightly above 50% gauge bullish.

© Dukascopy Bank SA

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