Note: This section contains information in English only."The C$ has pulled back from its strongest levels, but we see further weakness in the next two quarters as a September Fed hike propels broad gains for the US greenback and oil remains range-bound for the next few months."
- CIBC Capital Markets (based on WBP Online)
Pair's Outlook
[ANNOUNCE]The US Dollar remained completely unchanged against the Canadian counterpart, despite rather weak US fundamentals initially triggering a sell-off towards the 1.28 level yesterday.[/ANNOUNCE] Technical studies imply that the USD/CAD is to appreciate on Friday, with the main resistance located around 1.3005, namely the 55-day SMA, the Bollinger band and the monthly R1. There is also a possible interim level that could limit the gains; it is located at 1.2962 and it prevented the Greenback from rising higher against the Loonie since the middle of April. However, with this week's USD weakness, the pair might even struggle to retake the 1.29 major level.
Traders' Sentiment
Bulls and bears broke out of the equilibrium, with 51% of traders being long the Buck. The number of sell orders skyrocketed from 16 to 68%.
Fri, 13 May 2016 15:08:07 GMT
Source: Dukascopy Bank SA
- CIBC Capital Markets (based on WBP Online)
Pair's Outlook
[ANNOUNCE]The US Dollar remained completely unchanged against the Canadian counterpart, despite rather weak US fundamentals initially triggering a sell-off towards the 1.28 level yesterday.[/ANNOUNCE] Technical studies imply that the USD/CAD is to appreciate on Friday, with the main resistance located around 1.3005, namely the 55-day SMA, the Bollinger band and the monthly R1. There is also a possible interim level that could limit the gains; it is located at 1.2962 and it prevented the Greenback from rising higher against the Loonie since the middle of April. However, with this week's USD weakness, the pair might even struggle to retake the 1.29 major level.
Traders' Sentiment
Bulls and bears broke out of the equilibrium, with 51% of traders being long the Buck. The number of sell orders skyrocketed from 16 to 68%.