© Dukascopy Bank SA
"Last Friday's decision by Moody's to put six of the Canadian banks on review for a downgrade, noting concerns about high consumer debt levels and elevated housing prices, macro economic risks and capital markets activities, was a reminder of some of the vulnerabilities of the Canadian economic fundamentals."
-Scotia Bank (based on Canadian Business)
Pair's Outlook
Pair started weekly rather confidentially and at the moment is trying to breach 200 bar SMA/parity condition. Pair should manage to step up higher without much of an interference. Real question is how long it will manage to stay there. Although technical indicators on aggregate give neutral signals, but Stochastic indicator suggests we might be on a brink of bearish correction.
Traders' Sentiment
Share of long position on the pair is exactly where we left it last week-71% mark. Share of pending buy orders decreased by 6% today but still takes the majority of the market being at 54% mark.
© Dukascopy Bank SA