USD/CAD above 1.31 on Monday

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The Canadian dollar fell from a three-week high after the Bank of Canada said weak inflation and slower growth present a mounting threat to the nation's economy, boosting bets for monetary easing." 
– based on Bloomberg

Pair's Outlook

The US Dollar continued to score gains on Monday against the Canadian Dollar, as the currency exchange rate traded above the 1.31 mark by 11:15 GMT. In the middle of Monday's trading session the currency pair faced no resistance up to the level of 1.3130, where the first weekly resistance is located at. Daily aggregate technical indicators forecast a continuation of the surge during today's trading. However, as it is accustomed on Monday, Dukascopy Bank has calculated a fresh weekly outlook for the pair, which forecasts that on a weekly timeframe the rate will remain unchanged.  

Traders' Sentiment

SWFX trader sentiment has shifted, and at the moment it is 54% bearish. However, pending commands remain 57% to sell the currency pair on Monday.
© Dukascopy Bank SA
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