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"With the U.S. market closed, attention shifts back to Europe, global growth and headline risk. Looking at markets overseas will have a moderate effect on the Canadian dollar, which is why we're up slightly."
- Toronto-Dominion Bank (based on Bloomberg Businessweek)
Pair's Outlook
Pair dipped to 0.996, where it received a bullish impetus from monthly and weekly pivot points, R1 and PP respectively, and returned slightly above parity condition. Pair should not manage to maintain its current stand for long and we should see a bearish correction very soon. Such turn of events is predicted by the Stochastic indicator as well.
Traders' Sentiment
After a drastic (13%) decrease of bulls in the market yesterday, their amount recovered by 3% today and is at 61%. Pending long and short orders are in perfect equilibrium suggesting we should not see much of a change in market moods in the near future.
© Dukascopy Bank SA