© Dukascopy Bank SA
"Currently, sentiment is towards a weaker Canadian dollar coming into the Friday GDP report, as traders seem more eager to act on selling opportunities, quickly jumping into short CAD positions rather than taking contrarian bull position."
- Western Union (based on The Wall Street Journal)
Pair's Outlook
Pair is once again showing mild bullish bias. We do expect it to grow in to any major rally any time soon, but attempts to peak above the current 2014 high remain rather likely. In case the pair succeeds, that would put weekly R2/monthly R1 on the map. In case of an unexpected failure and if the 20-day SMA fails to perform as a support, we should see a sell off till 1.10.
Traders' Sentiment
Distribution of pending orders remained unchanged at 57% bullish, but changes in the distribution of pending order were between contraction of 16% (till 40% long) and expansion of 22% (till 78% long) depending on the range.
© Dukascopy Bank SA