© Dukascopy Bank SA
- Bank of New Zealand (based on Business Recorder)
Pair's Outlook
Strong US fundamentals pushed the USD/CAD even higher on Friday, while falling oil prices provided an additional boost. As a result, the Greenback stabilised at a new ten-year high and is willing to climb even higher today. The pair is now supported by the Bollinger band just under the opening price, with the monthly R2 providing additional support at 1.3676. Meanwhile, the nearest levels to stop the Buck's rally lie only around the 1.39 major level, therefore, out of reach.
Traders' Sentiment
Nearly three quarters (74%) of traders are holding short positions today (previously 64%). At the same time, the portion of orders to sell the US Dollar added four percentage points up to a total of 62%.
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