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- CanadianForex (based on Reuters)
Pair's Outlook
The U.S. Dollar has appreciated above the 1.09 mark for the first time since early July, proving its current strength. The next target level is around 50 pips higher, there is June high and the weekly R3 at 1.0961/63. In our opinion the pair will remain bullish and the 1.10 most likely will be reached in the longer term. However, if the pair slides below the 1.09 level then that could scare away some part of the bullish traders and a period of consolidation could follow.
Traders' Sentiment
The SWFX traders are getting more and more convinced that the Greenback is going to fall relative to the Loonie; but overall the bulls are still in a distinct majority, as they take up 61% of the market, and this is a significant advantage over the bears (39%).
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