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"There will continue to be a bid on Canada, with a budget like that. The market was way too aggressive pricing in a rate cut in Canada just a few weeks ago."
- National Bank of Canada (based on The Financial Post)
Pair's Outlook
Pair continues to demonstrate bearish bias, but is not really trailing lower as fast as it could. It seems that it is just looking for a reason to start a rally. It might be that 55-day SMA might provide strong enough impetus for the pair to start recovering. In such case we should expect some resistance at 1.1064 and 1.1153. In case of a dip below the 55-day SMA we might see a sell off till 2010 high at 1.0855.
Traders' Sentiment
Market sentiment itself has changed just a bit. Bullish side contracted by 1% and is at 61% level. However, Bullish side of pending orders contracted by 10-20% and is at 50-56% level, depending on the range, today.
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