© Dukascopy Bank SA
- CIBC World Markets (based on Reuters)
Pair's Outlook
The U.S. Dollar's bulls are continuing to challenge the 1.11 mark by pushing the USD/CAD currency couple above the level. However, we are still waiting for a close above the major level to approve the pair's capability of trading higher. The majority of weekly and monthly technical studies remain to the upside. With that in mind we expect an attack towards the monthly R3 at 1.1167 if the pair closes above the 1.11 level.
Traders' Sentiment
As evidenced by the SWFX traders' sentiment, about seven out of ten traders believe that the U.S. Dollar is going to appreciate relative to the Canadian Dollar. In the meantime, the portion of buy orders rose, from 43% to 50%.
© Dukascopy Bank SA