© Dukascopy Bank SA
- RBC Capital Markets (based on Reuters)
Pair's Outlook
At the moment it seems that the U.S. Dollar is supported by the 200-day SMA and the semi-major level at 1.0855/50. However, if the greenback falls below this support level then it might slip closer to 1.08, which should be the bottom for now. Most likely we will not see any sharp drops as this should be just a short term bearish correction. Both the daily and monthly technical indicators are largely bullish that also should push the greenback higher.
Traders' Sentiment
More and more traders consider the dip in USD/CAD to be overstretched. Accordingly, the share of long positions grew from 66% up to 67%. In the meantime, the share of sell orders fell from 51% to 45%.
© Dukascopy Bank SA