© Dukascopy Bank SA
- TD Securities (based on The Wall Street Journal)
Pair's Outlook
USD/CAD finally reached the 200-day SMA at 1.0013 and already reversed from it. Today the price touched the SMA and bounced back to the weekly S1 at 1.0033. However, the current upside should not be sustainable, as the pair did not check the SMA properly, with some attempts to settle beneath it. Therefore, it is likely to see another dip soon with a spike below the line.
Traders' Sentiment
Traders keep bullish sentiments on the pair, as 72% of opened positions are long. Even though the pair sharply depreciated in recent weeks, investors suppose USD/CAD has bottomed out. Placed orders market is bullish with 72% of orders waiting to buy the U.S. Dollar against its Canadian counterpart.
© Dukascopy Bank SA