© Dukascopy Bank SA
- TD Securities (based on FXStreet)
Pair's Outlook
The US Dollar behaved according to the forecast and appreciated against its Canadian counterpart. The USD/CAD currency pair settled in front of the second resistance, namely the weekly and monthly R1s cluster, which is also likely to turn the tables around today. Furthermore, the Loonie is receiving a boost from rising oil prices on Tuesday, pushing the Greenback further down. Immediate support, namely the Bollinger band, will doubtfully prevent the pair from falling. As a result, the 1.32 psychological level is the base case scenario, unless it fails to provide support.
Traders' Sentiment
Exactly three quarters of traders have a bearish perspective towards the Buck, while the portion of buy orders dropped from 74 to 67%.
© Dukascopy Bank SA