© Dukascopy Bank SA
- Nordea (based on Business Recorder)
Pair's Outlook
The US Dollar edged more than 100 pips lower against its Canadian counterpart on Wednesday, as the Loonie, being a commodity currency, was boosted by a rally in oil prices. The USD/CAD currency pair remains trade in a descending channel pattern, with the upper border now reinforced by the weekly S1 and the monthly S2. Meanwhile, the Bollinger band and the weekly S2 are the nearest support cluster around the 1.29 major level, a breach of which is to cause the Greenback fall down towards the 2015 Q4 low. Technical indicators are unable to confirm either scenario, as they retain their mixed signals.
Traders' Sentiment
Today 58% of all open positions are long, compared to 56% on Wednesday. The number of buy orders declined from 72 to 58%.
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