USD/CAD fluctuates without significant change

The pair fails to surprise the market with any serious moves and continues to be stable for a second consecutive week. The Monday opened with a downward trend towards the daily low at 1.16, but rebounded from both the hourly 55 and 100- SMA's to trade around the weekly pivot point at 1.1626. The Canadian dollar continues to trade below the 2014 high at 1.167 and a step lower is expected. Despite the bullish trend, the CAD will likely lose the strength at the end of this fourth quarter before it moves higher next year.

The market is full of bulls currently, as 69.52% of traders foresee the pair to move higher. The sentiment is strengthened almost twice from the last update, as 38.68% opened positions were long.