© Dukascopy Bank SA
- CIBC World Markets (based on Bloomberg)
Pair's Outlook
The pair recovered after sliding below the 1.09 level today; however, it still is trading just slightly above this level. In case, the U.S. Dollar closes below the 1.09 mark the pair could touch the weekly S2 at 1.0872; although, to our mind this is unlikely to happen. We think the most likely scenario is that USD/CAD continues its consolidation around the current trading levels, before appreciating higher towards the major level at 1.10. Moreover, the technical studies are also mostly bullish.
Traders' Sentiment
The sentiment has not changed since yesterday, there is still a parity between bullish and bearish traders. At the same time the gap between the buy (44%) and sell (56%) orders is narrowing.
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