© Dukascopy Bank SA
- Cambridge Mercantile Group (based on Reuters)
Pair's Outlook
It seems that the pair started to form a sideways trend a few weeks ago in the range from the monthly S1 at 1.0859 and the weekly R1 at 1.0925. Taken that all into account we expect the pair to trade in this range and the next target for the greenback is the weekly PP, 20-day SMA and major level at 1.0887/1.0900. Instead the shorter term technical indicators are largely giving ‘sell' signals. For bearish traders it should be watched whether the pair dives beneath the monthly S1. If that happens pair's depreciation might be extended to 200-day SMA at 1.0813.
Traders' Sentiment
The sentiment towards the pair is little changed, as 66% of the SWFX market participants expect the greenback to outperform the Loonie.
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