© Dukascopy Bank SA
- Scotiabank (based on Reuters)
Pair's Outlook
The USD/CAD cross is fluctuating around the monthly PP at 1.1242 for the fourth straight day, as the pair has not found the necessary bullishness to climb higher. The weekly and monthly technicals suggest that the bullish impetus is just around the corner and that the Greenback will gain in the nearest term. Therefore, we see the pair trading higher, possibly above the major level at 1.13 and 20-day SMA at 1.1317.
Traders' Sentiment
The traders' sentiment with respect to USD/CAD stays strongly bullish, since as many as 72% of open positions are long. In the meantime, the relative number of buy slipped—100-pips from the spot price their share fell from 58% to 55%.
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