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"Commodity prices are a touch higher compared to where they were yesterday. It's helping the Canadian dollar today."
- Nomura Securities in New York (based on Mining Weekly)
Pair's Outlook
The US dollar is trading slightly lower against the Canadian dollar. Therefore, in case bearish momentum holds, 1.0241 (PP Monthly) is likely to be the first target, followed by 1.0183 (S2 and PP Weekly) and 1.0133 (100-day SMA), respectively.
Traders' Sentiment
According to SWFX traders' sentiment, most of market participants (62%) still hold a bullish stance on USD/CAD, whereas 38% of currency traders expect the pair to fall down. Within 100 points from the present market price, investors expect USD/CAD to rise (72%).
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