USD/CAD stabilises its positions above 1.14

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The weaker CAD outlook is underpinned by a generally strong U.S. dollar outlook, with the U.S. having finished tapering and focus shifting to the timing of the first rate hike."
- Bank of Montreal (based on Bloomberg)

Pair's Outlook
The pace of USD/CAD advance has slowed down; although, the pair is still growing in value. Moreover, the Greenback did not find any strong driver today, but it also kept its positions around the monthly R1 1.14122. The weekly and monthly technical studies continue to be strongly bullish, as they have been for a longer time now. We still expect the pair to target the major level at 1.15, after breaching the weekly R2 at 1.1459.

Traders' Sentiment
The sentiment towards the Greenback returned from moderately bullish to strongly bullish, being that the percentage of long positions open on USD/CAD has surged from 59% up to 73% since the previous report.
© Dukascopy Bank SA
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