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"Much softer inflationary pressure in Canada than expected, which feeds into Bank of Canada expectations and has kicked off the Canadian dollar from the highs of the day."
- Camilla Sutton, Scotiabank (based on Reuters)
Pair's Outlook
USD/CAD recovered today after successfully broking through weekly pivot (S1) at 0.9874 which should give enough boost for the pair to advance up to 0.9941 as outlook for the pair remains positive in the medium and long term.
Traders' Sentiment
Traders sentiment has not been changing whole week, as majority of traders (70%) have long positions open anticipating the recovery of the pair. Pending order distribution has changed significantly since yesterday. In the 100-pip range from the current market price, allocation of pending orders shifted from 60% of sell orders to 70% of buy orders.
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