© Dukascopy Bank SA
- Scotiabank (based on Reuters)
Pair's Outlook
For a brief moment USD/CAD was dangerously close to breaching 1.0447, which most probably would mean a decline down to 1.0267, a cluster of supports consisting of the falling support line and the monthly pivot point, as well as 55 and 100-day SMAs. However, it seems that the pair will soon test 1.0521, which is 75 pips below the next resistance—weekly R1.
Traders' Sentiment
Market participants were right to assume that USD/CAD still preserves upward momentum—74% of them are bullish on the pair and it did start a recovery that is unlikely to fade in an instant. As for the orders, the gap between the buy (59%) and the sell (41%) ones narrowed to 18 percentage points.
© Dukascopy Bank SA