© Dukascopy Bank SA
"A broadly weaker U.S. dollar, partially on the back of a better risk environment after the U.K. released a strong GDP report and many are suggesting that the worst is behind us have helped support the Canadian dollar."
- Scotia Capital (based on The Canadian Business)
Pair's Outlook
Finally pair is starting to give clearer directional signals and is currently testing monthly (R1) at 0.9963. Pair should manage to step up a bit further, but things should become rather complicated once it approaches parity condition—we are likely to see significant dip there.
Traders' Sentiment
Although share of long position decreased by 3% since yesterday, bulls are continuing to hold overwhelming majority of the positions on the pair—share of long position on the pair is at 71% mark today. Share of pending buy orders, which is at 60% mark, suggests a further domination of bulls in the market in the new trading week.
© Dukascopy Bank SA