© Dukascopy Bank SA
"There's a very definite seasonal tendency for the early- to mid-part of May to be better for U.S. dollar-Canadian dollar and it was very good for U.S. dollar-Canadian dollar last year."
- TD Securities (based on Reuters)
Pair's Outlook
Pair continues to recover some of the losses that occurred few days back. We expect it to climb till 1.105 and, most likely, stall then. In order, to advance further the pair should peak above 1.11. In case of a bearish impetus at any of these levels the pair should fall at least till 1.0955. Failure to consolidate there could provoke a sell off till the 200-day SMA.
Traders' Sentiment
Bears are gaining upper hand in the market. They curbed at least 10% of the pending bullish orders which are now below the 50% level. In addition, long side of open positions contracted by 1%, after a 17% plunge few days back, and is at 38% level today.
© Dukascopy Bank SA