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"Historically, when oil rallies on geopolitical tension, the Canadian dollar will not follow the trend and will instead weaken."
- Western Union Business Solutions (based on The Wall Street Journal)
Pair's Outlook
Pair continues remain biasless and trades sideways. We saw and increase in volatility yesterday, but that failed to push the pair to the either side as it remains around 1.1050. It is unlikely we will see any major moves in the nearest future, but in case we will, the probability of failure here remains slightly higher than a rally.
Traders' Sentiment
Although share of bulls in the market contracted by 3%, till 58%, the bullish side of pending orders expanded by 10-30%, till 52-65% overall, depending on the range.
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