© Dukascopy Bank SA
- TD Securities (based on Reuters)
Pair's Outlook
USD/CAD continue to trade slightly above the 1.08 mark, after last Friday's jump. We expect the Greenback to hold its position above the previously mentioned major level. The next target level is the weekly R1 and 100-day SMA at 1.0852/57; moreover, if these levels are broken there will be not less significant monthly R1 ahead at 1.0873. The majority of the daily and monthly technicals are suggesting that the U.S. currency will outperform the Loonie.
Traders' Sentiment
Still an overwhelming majority (73%) of the traders remain bullish. For the last 27 trading days the bullish sentiment has been above the 70% mark. The distribution between the buy and sell orders is completely identical as of today.
© Dukascopy Bank SA