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- BMO Capital Markets( based on Reuters)
Pair's Outlook
The currency pair breached the 1.09 mark today, after fluctuating between the 1.08 and 1.09 levels through most of time last week. This might be a bullish signal for the traders, as the U.S. Dollar consolidates above the 1.09 level. Last week the pair proved that its intentions are to trade around or above the 1.09 level, not below it, as it successfully rebounded from the lower part of the major level at 1.08. Meanwhile, the majority of technicals remain neutral.
Traders' Sentiment
Even with the advance above the 1.09 mark the traders' sentiment remains strongly bullish, with 71% of them favouring the scenario where the Greenback outperforms the Loonie. In the meantime, the share of buy orders slid from 61% down to 58%.
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