USD/CAD hovering above the weekly S1

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"Is it sustainable that CAD sits at 94? It's probably making the Bank of Canada incredibly uncomfortable, as well as exporters."
- Scotiabank (based on The Globe and Mail)

Pair's Outlook

Weekly S1 at 1.0634 seems to have stalled the pair's decline for some time. It might be it will provide enough impetus for the pair's recovery. In  case that happens we should see it testing 20-day SMA/monthly PP in the short to medium tem.  In case the weekly S1 fails, the pair might trail as low as 1.05 I the short to medium term, but that seems rather unlikely at the moment.

Traders' Sentiment

Bulls continue to dominate the market holding 75% of all of the open positions in the market and although long side of pending orders decreased by 9-12% it is at least at 71% level.

© Dukascopy Bank SA

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