© Dukascopy Bank SA
- CIBC World Markets (based on Reuters)
Pair's Outlook
The pair is gradually recovering from its Monday's decline, when USD/CAD plummeted more than 100 pips. Through yesterday and today; however, the U.S. Dollar has outperformed its Canadian counterpart and for now the pair is hovering around February high at 1.1195. Moreover, a test of major level at 1.12 seems as a very likely scenario. The weekly and monthly technical indicators are being mostly bullish as well.
Traders' Sentiment
The market participants sentiment stays very much bullish, as 73% of them consider the buck as undervalued against the Loonie. Concerning the orders placed 100 pips from the spot, there are now more commands to sell—55% compared to 51% yesterday.
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