© Dukascopy Bank SA
- IG Australia (based on Bloomberg)
Pair's Outlook
Since the pair touched the 1.10 level on Monday the bears took over the control. Nevertheless, we think USD/CAD will not slide below the Bollinger Bands at 1.0877. To our mind the overall trend is still bullish with the target level at 1.1000; moreover, for the time being the monthly technical indicators are pointing to the north, thus also strengthening the bullish longer term outlook. However, if the Greenback closes considerably below the 1.09 level then April low becomes the short term target.
Traders' Sentiment
The sentiment has changed from neutral to moderately bullish since yesterday, as 63% of the SWFX traders expect the U.S. Dollar to outperform the Canadian counterpart.
© Dukascopy Bank SA