© Dukascopy Bank SA
- Financial Services Inc. (based on Bloomberg)
Pair's Outlook
This currency pair is slowly approaching the up-trend support line that has been keeping the positive outlook since the beginning of the year. Previously the test of the line (Mar 15) triggered a 100 pips worth rebound, but in the bigger picture the bulls seem to be much weaker than before. Still, the support at 1.0214 holds for now and only penetration of 1.0193/84 will be a bearish signal for the medium term.
Traders' Sentiment
It appears that a growing number of market participants believe that USD/CAD has bottomed out and thus increase their long exposure, which already amounts to 62% of the whole market, leaving 38% to bears. Additionally, if the pair decides to go lower, it may encounter an even greater amount of buy orders—67%.
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