USD/CAD still bearish

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Inflation pushing above 2 percent does make it hard for the Bank of Canada to be in a truly neutral stance, (which means) rate cuts as equal as rate hikes."
- CIBC World Markets (based on Reuters)


Pair's Outlook
USD/CAD remains bearish and continue to trade at the lowest levels since the beginning of the January. However, it is rather unlikely that the pair could fall lower as there are the weekly S1 and monthly S2 at 1.0705/1.0697. In case the pair touches the weekly S1 and/or monthly S2 then it might receive a strong bullish impetus and easily approach the major level at 1.08. The technical indicators are mixed and in the short term neutral.

Traders' Sentiment
An overwhelming majority of the SWFX traders remain bullish. Right now 73% of traders are long the greenback, while only 27% of them believe the currency is going to fall in price even more. In the meantime, the share of buy orders slid from 69% down to 61%.
© Dukascopy Bank SA

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