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"It seems like the more likely direction is obviously for more Canadian dollar weakness."
- TD Securities (based on Reuters)
Pair's Outlook
USD/CAD has extended its advance and at the moment it is trading around weekly R3 at 1.1262. The pair has started to show its long waited bullishness and has set more than a four year high at 1.1278. We expected that it still can move higher and reach monthly R2 at 1.1336; however, it is possible that the pair will consolidate at the current trading level before some further appreciation.
Traders' Sentiment
The sentiment towards USD/CAD has become slightly less bullish as 63% of the SWFX market participants expect the pair to appreciate. In the meantime, the share of orders to enter the market with a buy trade fell lower to 31%.
© Dukascopy Bank SA