© Dukascopy Bank SA
- CIBC World Markets (based on Reuters)
Pair's Outlook
The failure at 1.11 level on Monday has sent the pair even lower, as it slipped below the weekly PP at 1.1024 today. However, we are sceptical on pair's decline. To our mind, August high (1.0999) together with the major level at 1.1000 should keep USD/CAD supported above the 1.10 mark. While the weekly and monthly technicals are still bullish, thus suggesting that we are likely to see the pair rebounding from the current short-term retreat.
Traders' Sentiment
The gap between the bearish and bullish SWFX traders is little changed, as 65% of them are excepting a reversal in the current bearishness. Concerning the orders placed 100 pips from the spot, there are now significantly more commands to buy—66%.
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