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- Citigroup Inc. (based on Bloomberg)
Pair's Outlook
After being supported by the 100-day SMA for almost two weeks the loonie has fallen below it. The U.S. currency also slid beneath the weekly S1 and 20-day SMA at 1.1006/1.0993 and at the moment the pair is trading above the weekly S2 at 1.0976. Despite today's decline the vast majority of the technical indicators support greenback's strengthening. However, in the short term a further retreat is possible if the pair closes below the weekly S2.
Traders' Sentiment
The sentiment towards the U.S. Dollar decreased from moderately bullish to strongly bearish, being that the percentage of short positions open on USD/CAD has dropped from 56% to 39% since the previous report.
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