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"All in all the news that we've had of the central banks this morning is supportive of the theory that central banks are committed to maintaining financial market system stability and that is generally positive for risk assets like Canada."
- Scotiabank (based on Reuters)
Pair's Outlook
The greenback continued falling against the Canadian dollar today on weak US macroeconomic data. However, if bearish mood strengthens further, 1.0103 (200-day SMA Weekly) is likely to be the first target for bears, followed by 1.0043 (61.80% Fibo) and 0.9969 (S2 Monthly), respectively.
Traders' Sentiment
The majority of traders (70%) still favors the US dollar against the Canadian dollar whereas 30% of market participants expect USD/CAD to move lower. However, pending order positioning that the market sentiment is still neutral with 50% of long and short positions.
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