© Dukascopy Bank SA
- KnightsbridgeFX.com (based on Reuters)
Pair's Outlook
The buck approached the weekly PP and 20-day SMA at 1.0911/13 today, after trading below the 1.09 level for couple of days. That may have been a wake up call for the bullish traders, that expect the Greenback to outperform the Loonie. The daily and monthly technical studies support this scenario, thus the 200-day SMA at 1.0930 might be reached soon. In longer time horizon the next target level is the major level at 1.10.
Traders' Sentiment
Pair's advance today has added to bullish traders confidence as the sentiment towards USD/CAD grew to 63%. Concerning the orders placed 100 pips from the spot, there are now slightly more commands to sell—57%.
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