© Dukascopy Bank SA
- Mizuho Corporate Bank (based on Reuters)
Pair's Outlook
Contrary to the technical studies, USD/CAD did not only soar up to the last year's highest level, namely 1.0447, but is also about to close above it, a scenario that most probably will result in a surge up to 1.0674. Since the latest low of Jun 14 (1.0136) the pair has already rallied more than three and a half figures and it does not show signs of a weakening trend.
Traders' Sentiment
Market participants are not in a hurry to unwound their long positions on USD/CAD. Even though the pair has covered the same distance as yesterday, the share of the long positions decreased merely by one and a half percentage points. The perfect balance between the buy and sell orders is unchanged.
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