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- BMO Capital Markets (based on Reuters)
Pair's Outlook
The USD/CAD cross has changed just slightly, after the last week's performance, when the US Dollar underperformed relative to the Loonie. At the moment, the majority of the pair's technical studies are bullish, suggesting that the bullish momentum is likely to change the currently neutral stance. The biggest obstacle ahead is the major level at 1.12, which has been challenged for a sixth straight trading days. In case the level is breached then this year's high at 1.1280 might be approached.
Traders' Sentiment
Current uncertainty is apparently discouraging some of the traders; as compared to the Friday's readings, the share of long positions fell from 72% to 70%.
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