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"With the U.S. problems and the euro zone crisis, reserve managers are always looking at credible alternatives. We could see the Aussie and Canadian dollars trade more like safe-haven currencies in the medium term."
- Bank of New York Mellon (based on Reuters)
Pair's Outlook
After being range bound for a few weeks, pair is giving first more conclusive directional indication as it has been depreciating for the past three days, and technical indicators allow us to think that weekly S1 is going to be just a minor setback. Real challenge for the greenback will begin if pair will approach cluster of support levels at 0.9885/79.
Traders' Sentiment
66% of traders hold long positions on the pair as they perceive Canadian dollar to be the stronger currency in the pair. In addition, 54 % of pending are to go long as well suggesting that market participants are expecting to see a minor dip followed by a recovery of the pair.
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