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- RBC Capital Markets (based on Bloomberg)
Pair's Outlook
The U.S. Dollar is continuing to strengthen against its Canadian counterpart, last week the pair traded around the 100-day SMA. The weekly technical indicators suggest pair's appreciation; although, daily and monthly indicators are sending mixed signals. We expect the greenback to climb further, most likely towards the weekly R1 at 1.1055. However, some short term slide below the 100-day SMA could be expected.
Traders' Sentiment
An overwhelming majority (69%) of the traders believe that the buck is going to prolong its bullish movement and increase in value relative to the Loonie. As for the orders placed 100 pips from the spot, 52% are set to buy.
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