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- RBC in London (based on Bloomberg)
Pair's Outlook
The Greenback is struggling to breach the monthly PP at 1.0760, but the pair is supported by long term trend line which proved its strength at the beginning of month. Even though the resistance levels that are just above the pair are definitely significant, to our mind the U.S. Dollar will be ready to appreciate above them. The daily and monthly technical indicators also support this idea as they are mostly bullish.
Traders' Sentiment
The traders' sentiment with respect to USD/CAD stays explicitly bullish, since as many as 74% of open positions are long. In the meantime, the relative number of sell orders is growing—100-pips from the spot price their share increased from 40% to 50%.
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