© Dukascopy Bank SA
"For those who continue to argue against trade deals and for trade barriers, I say simply that Canada has always been a trading nation, and that one in five Canadian jobs is tied to trade."
- Canadian Prime Minister Stephen Harper (Based on Bloomberg)
Pair's Outlook
The pair is trading above the psychologically important 1.1100 level indicating on possible bullish action. However, USD/CAD still struggles to make any significant movement as it bounced back slightly, when it reached the weekly R1 at 1.1152. We expect that the pair will appreciate towards weekly R2 at 1.1216 as a half of the weekly technical indicators support an advance.
Traders' Sentiment
The distribution between the proponents and opponents of greenback's appreciation relative to its Canadian peer remains unchanged – 69% of SWFX market participants are bullish. Concerning the orders placed 100 pips from the spot, there are now significantly less commands to buy – 26% after 56% yesterday.
© Dukascopy Bank SA