© Dukascopy Bank SA
"Anyone who expects the Bank of Canada to be raising rates in the next six or twelve months is living in a fantasy land."
-Scotiabank (based on Reuters)
Pair's Outlook
After few rather volatile days pair seems to be showing clear directional signals and earlier in the session today attempted to fall below 0.9985. Although weekly pivot (PP) did not surrender at first it is likely pair will attempt once more tomorrow after what we should see a dip to 0.9838.
Traders' Sentiment
For the second week bulls are holding overwhelming majority of the positions on the pair—share of long positions is at 70% mark today. Share of pending buy orders, which increased by additional 6% since yesterday, is at 65% gauge today, suggesting further strengthening of bullish sentiment in the market.
© Dukascopy Bank SA