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- Nomura (based on Bloomberg)
Pair's Outlook
The Monday session opened a few pips higher from the last candle close. The buying volume have increased during the day, yet, the current graph is left with a spike near the weekly R1 at 1.1857. The pair seems to be fluctuating in an ascending channel and the current position only confirms it. The overbought condition, together with the Bollinger band, which acts as a resistance, should move the USD/CAD lower. If the monthly R1 at 1.1754 will be broken, the weekly PP at 1.1710 will follow.
Traders' Sentiment
The USD/CAD is bought in 67% from all trades and sold in 33%, respectively. The long pending orders were placed in a more than twice larger amount from the last update.
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