© Dukascopy Bank SA
"Looking forward, we expect the recent signs of cooling secondary market demand to gradually filter into a slowdown in housing construction, weighed down further by the diminishing impetus to homebuilding from low (interest) rates."
-CIBC (based on Canadian Business)Pair's Outlook
Bullish stimulus seemed to be playing out last few days, but technical indicators point at another bearish rally in the short term as pair received a push from downtrend resistance (connects 2nd of August and 5th of September highs) at 0.9760. However, longer term indicators send almost unanimous sell signal suggesting that 0.98 area might be unreachable for the pair.
Traders' Sentiment
Overwhelming majority of traders (70%) hold long positions on the pair as SWFX market sentiment is strongly bullish since the start of this trading week. Distribution of pending orders does not predict any changes as 60% of all pending orders on the pair are to buy.
© Dukascopy Bank SA