© Dukascopy Bank SA
"The key piece for Canada is really domestic data on Thursday and Friday."
– Scotiabank (based on Bloomberg)
Pair's Outlook
In the last days USD/CAD has traded above 1.1000; however, the pair is trying to break this level desperately. We expect it to attack the 50-day SMA at 1.1084 and if the level is broken then it could continue with its advance. In case the pair slides below 1.1000 it might lead to a selloff and the pair might touch even the weekly S1 at 1.0951, therefore 1.1000 level should be watched closely.
Traders' Sentiment
The distribution between the proponents and opponents of greenback's appreciation relative to the Loonie remains more or less the same as 24 hours ago—73% and 27% accordingly. Considering the orders, there are now more orders set to buy - 70% respectively.
© Dukascopy Bank SA