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- KnightsbridgeFX.com (based on Reuters)
Pair's Outlook
The U.S. Dollar is continuing its advance with a test at 1.12 level; nevertheless, the USD/CAD cross has not managed to consolidate above the level thus far. The long term (monthly) technical studies are bullish; therefore, in case the pair strengthens above the 1.12 level and approves its bullish intentions with a close above the mark then the 2014 high and monthly R3 at 1.1280 becomes the new target for bullish traders.
Traders' Sentiment
An overwhelming majority of the SWFX market participants consider the U.S. Dollar to be undervalued relative to Canadian Dollar. Right now 73% of traders are long the Greenback, while around 27% of them believe the pair's advance will end soon.
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