© Dukascopy Bank SA
- Cambridge Mercantile Group (based on Reuters)
Pair's Outlook
The pair remained strongly bearish this week as it dived beneath the monthly S2 at 1.0697 today and did not show any bullish signs. To our mind the pair is trading near the current trend bottom and the weekly S2 at 1.0655 could put a break to this decline. Also the daily and weekly technicals are neutral indicating that we will not see a further retreat. We expect the pair receiving bullish impetus from 2011 high and weekly S2.
Traders' Sentiment
An overwhelming majority (75%) of the traders still believe that the buck is going to regain its bullishness and increase in value relative to the Canadian counterpart. In the meantime, the share of buy orders grew from 65% up to 70%.
© Dukascopy Bank SA