© Dukascopy Bank SA
- Cambridge Mercantile Group (based on Reuters)
Pair's Outlook
The pair is hovering slightly above the weekly S1 at 1.1132, after the yesterday's slump below the 1.12 mark. Moreover, the technical studies remain to the up-side, suggesting that the pair still have a bullish potential for a further appreciation. However, at first the pair has to reverse yesterday's losses to look forward new highs. The short-term target is February high and weekly PP at 1.1195/1.1202, to our mind, these levels could be tested in the near term.
Traders' Sentiment
More than 70% of the SWFX market participants believe that the U.S. Dollar is going to prolong its advance against the Canadian peer. This number is likely to stay unchanged for the time being, as 51% of orders are placed to purchase the Greenback.
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