© Dukascopy Bank SA
- TD Securities (based on WBP Online)
Pair's Outlook
Yesterday, the US Dollar suffered heavy losses against the Loonie, as it dropped to a low unseen since January 2015. A 175-pip decline took place yesterday, and the support cluster lacked the strength to prevent the fall. The USD/CAD settled just under the 23.60% Fibo and is anticipated to dip again, as the technical studies suggest a negative outcome for the Greenback today. The weekly S2 is the nearest support level from the current market price, although we should not rule out a possible correction, which might occur due to better-than-expected fundamentals on Friday.
Traders' Sentiment
Traders' outlook slightly worsened, as 73% of them are long the Buck, while the portion of buy commands increased from 36 to 38%.
© Dukascopy Bank SA