© Dukascopy Bank SA
- CanadianForex (based on Reuters)
Pair's Outlook
It seems that the downtrend in USD/CAD has stalled as the 200-day SMA was reached last Thursday. Since then the greenback has been supported by this indicator; although, also a considerable movement to the north has not been witnessed so far. We see the U.S. Dollar outperforming the Canadian peer in the short run. The next target is weekly and monthly PP at 1.0880/88, which is just below the major level at 1.09. Even though these are important resistance levels in our opinion the buck will breach them.
Traders' Sentiment
The SWFX traders' sentiment towards USD/CAD is at the highest level in 11 days, reaching 71% today. Also the gap between the buy (63%) and sell (37%) orders is widening.
© Dukascopy Bank SA