© Dukascopy Bank SA
- RBC (based on Reuters)
Pair's Outlook
The Greenback extended the rally against its Canadian counterpart for the fourth consecutive time. Although the Bollinger band failed to prevent the USD/CAD from advancing, the cluster around 1.2250 succeeded in doing so. Technical studies retain their mixed signals, whereas the US Dollar is likely to surge again. The previously mentioned cluster now acts as an immediate resistance, but a hike towards the 55-day SMA is also possible.
Traders' Sentiment
Market sentiment remains unchanged, as still 56% of traders hold long positions. At the same time, the portion of purchase orders retreated closer to equilibrium, as 55% of commands are now to acquire the US Dollar.
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