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USD/CAD is headed towards 1.3350/00

Note: This section contains information in English only.
Source: Dukascopy Bank SA
"A recalibration of Fed hike expectations has weighed on the loonie recently, as higher interest rates would benefit its U.S. counterpart."
- Cambridge Global Payments (based on Reuters)

Pair's Outlook
[ANNOUNCE]As noted previously, USD/CAD is well-positioned for a rally towards 1.3350/00, but there its bullish ambitions are likely to come to an end.[/ANNOUNCE] This resistance is created by a combination of the 38.2% Fibonacci retracement of the Jan 19-May 1 sell-off with the 100 and 200-day SMAs, and it also includes the weekly R1 and monthly R2 levels. All of this suggests a very low probability of the exchange rate exceeding 1.3350 any time in the nearest future.

Traders' Sentiment
Sentiment among the SWFX traders towards USD/CAD is no longer bullish. While yesterday 56% of open positions were long and 59% of pending orders were buy, today the percentages are 53 and 48%, respectively.

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