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- CIBC World Markets Inc. (based on Bloomberg)
Pair's Outlook
The week in general has been defined by the US Dollar's strength and this currency pair has not been any exception, as the USD/CAD set a new this year's high at 1.1467. However, today has been a completely different story—the Greenback lost its bullishness and dived beneath the 1.14 level. Nevertheless, the pair most likely will advance on a weekly basis. In the short-term a test of 1.13 is possible, since the Loonie has received a bullish impetus.
Traders' Sentiment
An overwhelming majority of the SWFX market participants consider the U.S. Dollar to be undervalued relative to the Loonie. Right now 70% of traders have opened long positions, while merely 30% of them believe the currency is going to prolong its current decline.
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