© Dukascopy Bank SA
- TD Securities (based on Reuters)
Pair's Outlook
This week the greenback is slipping moderately against the Loonie, today the U.S. currency dropped beneath the monthly PP at 1.0913. Most likely this is not a stable downtrend, we see it as a bearish correction before a bullish wave. Although, if the pair falls below the 200-day SMA at 1.0852 that could encourage the bearish traders and a selloff towards the 1.08 could follow. The area around 1.08 seems well-supported and the pair is not likely to breach it.
Traders' Sentiment
After a slight drop (down to 63%) the percentage of long positions returned to its more familiar level—66%, meaning the sentiment is likely to stay bullish for some time. In the meantime, the share of sell orders grew slightly from 48% up to 49%.
© Dukascopy Bank SA