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- Royal Bank of Canada Global Asset Management (based on Bloomberg)
Pair's Outlook
The USD/CAD pair fluctuated a little during the Wednesday, however, stayed generally unchanged from the last day close at 1.1956. The pair will likely depreciate soon in respect of the formed widening channel. In addition, the RSI is slightly over the norms now, indicating that the pair is overbought. However, if the upward move will continue, the weekly and monthly R3 at 1.21 will act as a strong resistance level.
Traders' Sentiment
Wednesday trading was quiet, as no major changes followed. 74% of opened positions are long, the same from the previous update. Meanwhile, 50– pip long pending orders are placed for 67% of traders, whereas the 100– pip ones are opened for 74%.
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