© Dukascopy Bank SA
- Bank of Montreal (based on Bloomberg)
Pair's Outlook
Today the currency pair has fully closed the bullish gap and is thus set to resume advancement. A support line at 1.0056/49 together with 1.0027 should manage to halt the possible drops of USD/CAD, otherwise 0.9982 will be exposed, endangering the present bullish outlook. Accordingly, once the pullback is overcome, monthly R3 at 1.0128 will become the next target.
Traders' Sentiment
The market participants seem to be undecided with respect to the future direction of the price, since 49% of positions are long and 51% are short. On the other hand, there has been a substantial increase of the share of buy orders that now constitute 72% of the total amount.
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