© Image watermark
- Westpac Callow (based on Bloomberg)
Pair's Outlook
The USD/CAD met the April 2009 high at 1.246 before declining back. Generally, the pair was not highly volatile during the Friday session, yet, it succeeded to move higher from the last day's close at 1.238. The broader outlook is showing a noticeable appreciation of the USD for the fifth consecutive month. As a result, the USD/CAD is currently being overbought.
Traders' Sentiment
While the sentiment from indicators is still neutral, 46% of traders are holding their long positions. Meanwhile, the 50– pip pending orders will be bought for 89% of traders and the 100– pip ones are set to be long by 73% of all.
© Image watermark