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"Dollar-Canada has moved down to the low C$1.12s but not below C$1.12, and it is still trading the range and the range is still fairly well defined at C$1.12 to C$1.13 - the short-term goal posts as it were."
- National Bank Financial (based on Reuters)
Pair's Outlook
USD/CAD is a buy at the moment, being that the currency pair is trading next to the formidable support at 1.12 and a majority of the weekly and monthly indicators is bullish. The expected rally should be able to extend to 1.1350, where it will meet the monthly R1 and will possibly start another correctional sell-off. But if the support gives in, the US Dollar may easily fall down to 1.11, since there are no other significant supports in-between.
Traders' Sentiment
The SWFX traders have been unresponsive to the developments in the market during the last 24 hours, since the distribution between the longs and the shorts is almost the same as yesterday—74 to 26%, respectively.
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