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"The Canadian dollar is not even a leader right now ... it's still trailing some of its other major peers, the Australian dollar, the New Zealand dollar by a fair margin, so I think there's at least another cent in this trade."
-BMO capital Markets (based on Reuters)
Pair's Outlook
Pair gained momentum and in the last day lost all of its gains from this week. At the moment it is stopped by Bollinger band at 0.9573. We should see a bullish correction in the near future as it is suggested by Stochastic indicator, but pairs downside risk remains and we should see further depreciation which should remain bounded by Bollinger band.
Traders' Sentiment
Bullish sentiment on the pair remains as 72% of traders continue to hold long positions on the pair. In addition, it is worth mentioning that USD is one of the most popular currencies across the board as 67% of all open positions are long on the dollar. Distribution of pending orders does not suggest any changes in the near future as 54% of all pending orders on the pair are buy orders.
© Dukascopy Bank SA