© Dukascopy Bank SA
- Bank of America Corp. (based on Bloomberg)
Pair's Outlook
At the moment USD/CAD is violating the upper edge of the bullish channel pattern, where the rally was assumed to end and slowly turn into a dip. Conversely, the currency pair is rising despite being in the supply area. In order to confirm its bullish intentions the price will have to close above 1.0195 today, then a resistance line at 1.0245 will become the next target.
Traders' Sentiment
Again we see diminution of the bulls in the market, the portion of whom has dropped to 45% due to a perpetual increase of the greenback's price relatively to the loonie. At the same time the buy orders (63%) carry on dominating the sell ones (37%), adding to already present bullish signals.
© Dukascopy Bank SA