© Dukascopy Bank SA
- TD Securities (based on Reuters)
Pair's Outlook
It looks as if the bearish correction started in March has come to an end, even though technical indicators are still giving a weak 'buy' signal. The currency pair has already touched upon the weekly R2 at 1.0278, but should soon rise up to 1.0293 first, then 1.0308, the most likely point of contact with the falling resistance line that in turn has contained rallies since October of 2011.
Traders' Sentiment
USD/CAD's chart is currently developing according to expectations of the largest part (74%) of market participants, who are holding long positions on the currency couple at the moment. In the meantime, pending orders are dominated by buy orders, they constitute 66% of the total amount.
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