28.10.2016

Technical analysis : USD/CAD slowly continues to move higher

by Dukascopy

Pair's Outlook 
By mid-Thursday the USD/CAD currency exchange rate had touched the 1.3395 level and retreated from it. Although the pair retreated from the 1.3395 level, there are no notable resistance levels at that point, as even the upper Bollinger band was located at 1.3402 on Thursday. It is most likely that the exchange rate is affected by some sort of short term resistance, which has propelled the rate lower for now. In the meantime, on the daily chart the pair faces no resistance up to the level of 1.3463, where the weekly R1 is located at. The only exception being the mentioned Bollinger band.

Traders' Sentiment 
SWFX traders remain short on the pair, as 64% of open positions are short on Thursday. In the meantime, pending commands have become increasingly bullish, as 61% of set up orders are to buy the US Dollar.

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