© Dukascopy Bank SA
- CIBC World Markets (based on Reuters)
Pair's Outlook
At the moment the pair is trading slightly above the 200-day SMA at 1.0917, after yesterday the Greenback tested the weekly R1 at 1.0980. Apparently, the pair is not ready to approach the 1.10 mark yet; although, to our mind the pair's bulls will push the pair towards that level. Also a majority of the technical indicators are suggesting that the U.S. currency will appreciate relative to the Loonie. Therefore, we see yesterday's decline as a bearish correction.
Traders' Sentiment
The bullish and bearish sentiment is completely identical at the moment, pointing to the traders current uncertainty. Concerning the orders placed 100 pips from the spot, there are now more commands to buy—45% after yesterday's 37%.
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