© Dukascopy Bank SA
- Scotiabank (based on Reuters)
Pair's Outlook
USD/CAD has not recovered from Monday's slump just yet; although, the pair has reversed some of the losses. Additionally, the Greenback tested the major level at 1.12, which remains the short-term target. We expect the pair to form a repeated attack towards the level, as the majority of the weekly and monthly technical studies point upwards. However, a failure at the level could send the pair lower, towards the weekly S1 and 20-day SMA at 1.1132/22.
Traders' Sentiment
The market participants sentiment remains strongly bullish, as 72% of them have opened long positions. The distribution between the buy and sell orders is completely identical—50% and 50% respectively.
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