© Dukascopy Bank SA
- CanadianForex (based on Reuters)
Pair's Outlook
After dipping beneath the 55 and 100-day SMAs USD/CAD returned to 1.0213 and confirmed it as the resistance. Now the U.S. Dollar is set to depreciate further, as suggested by the daily technicals. In the longer perspective, however, we view the currency pair as bullish and able to rebound from one of the supports either at 1.0223/14, 1.0078 or 1.0037
Traders' Sentiment
There are more bullish towards USD/CAD traders than yesterday—their percentage went up to 73% from 71%, revealing continuously strengthening belief that USD/CAD is highly unlikely to move any lower. The shares of the buy and sell orders, in the meantime, are 51% and 49%, respectively.
© Dukascopy Bank SA