© Dukascopy Bank SA
- Bank of Nova Scotia (based on Bloomberg)
Pair's Outlook
While none of the previous resistances, such as 2012 high, were unable to tame the bulls, monthly R1, in conjunction with the Bollinger band, stopped the rally at 1.0547/21. Still, there is some time for USD/CAD to recuperate and reverse today's losses, but further upward movement is unlikely to be energetic as before. This recovery could be potentially initiated at 1.0447.
Traders' Sentiment
An overwhelming majority (73%) of market participants stay bullish on USD/CAD, considering that the bullish momentum is still not exhausted and will keep on pushing the price higher. As for the orders placed on the pair, 60% of them are to open long positions and 40% are to open short ones.
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