© Dukascopy Bank SA
- Rabobank (based on FXStreet)
Pair's Outlook
The Loonie continued to outperform the US Dollar at the beginning of the week, as it added another 12 pips against it yesterday. However, the USD/CAD pair is now supported by a tough demand area, represented by the monthly S2, the weekly S1, the lower Bollinger band, the 200-day SMA and a nine-month up-trend, leaving little space for another decline. Nevertheless, the Greenback can still lose approximately 25 pips today, a day before the anticipated FOMC Meeting Minutes, which could provide sufficient impetus for a rebound, therefore, reconfirming the nine-month trend-line.
Traders' Sentiment
Today 64% of traders hold long positions, compared to 63% on Monday. Meanwhile, 48% of all pending orders are to acquire the US Dollar, down from 62% yesterday.
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