© Dukascopy Bank SA
- Societe Generale SA (based on Bloomberg)
Pair's Outlook
The currency couple is slowly grinding higher, but intraday may slide down to the 200-day SMA, a support that should remain intact for the bullish outlook to be valid. If this is the case, USD/CAD will eventually run into the weekly R1 and monthly PP at 1.0354/45 and potentially will reach 1.0378/71, a zone where the 55 and 100-day SMAs run into the weekly R2 and Bollinger band.
Traders' Sentiment
Loonie is one of the least bought major currencies at the moment. It is acquired only in 27% of all cases. Knowing this, it comes as no surprise that 73% of all open positions remain long on the pair. Distribution of pending orders increased in the bullish side. It is at 61% gauge, that is 2% more than yesterday.
© Dukascopy Bank SA