USD/CAD adds pressure on 0.9837/18

Yesterday the price returned back above 0.9863, although it appears that a cluster of supports at 0.9837/18 is of greater interest to market participants, as this zone protects positive outlook on the pair. Nevertheless, there is an increasing chance that in the medium term the price will change its direction and commence formation of a down leg, being a consensus according to major banks (0.97 should be reached in six months).

SWFX market sentiment has mildly improved, as 67% of positions at the moment are in favour of a stronger U.S. Dollar, whereas the loonie is preferred only by 33% of traders. Disposition of buy (48%)and sell (52%) orders does not provide any particular signal regarding the mood of the investors.