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- St-Arnaud, a former Bank of Canada economist (based on Bloomberg)
Pair's Outlook
The cross managed to break the weekly R1 resistance level at 1.1924 on Monday, linking to the USD strength. The pair was rather volatile today, as it fluctuated about 103 pip within the previously mentioned R1 and the weekly PP at 1.1827. Being slightly overbought, a sooner or later consolidation is likely. The pair should move towards the weekly R2 at 1.1986 first, before losing some volume of bull market participants.
Traders' Sentiment
The amount of pending orders was little changed as well as the general the summary of some indicators. The market lost 2% of traders and 14% of 100– pip long pending orders. Meanwhile, the 50– pip ones are unchanged.
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