© Dukascopy Bank SA
- BK Asset Management (based on MarketWatch)
Pair's Outlook
For the rally to prove its sustainability, USD/CAD needs to stay above 1.10 in the next few days. If this support is respected by the market, then in the long term the U.S. Dollar may even target 1.17, the level last seen in July 2009. Conversely, if the up-trend at 1.10 is breached once again, the selling will be expected to weigh on the price until it falls to 1.0814/1.0784.
Traders' Sentiment
Apparently, a majority of the SWFX traders estimate that greenback's appreciation is to persist even further, being that at the moment 61% of them are keeping long positions on USD/CAD. As for the orders, there is a slight advantage of the buy ones (54%) over the sell ones (46%).
© Dukascopy Bank SA