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"I think people are looking to buy Canada. Right now, the appetite is to buy the risk currencies [based on] expectations of some sort of solution to the fiscal cliff."
- Capital Markets Trading (based on The Wall Street Journal)
Pair's Outlook
Pair has been depreciating for eight consecutive days and although RSI and the Stochastic are rather deep in the oversold areas it seems that some of market participants are waiting until negative ripples form recent attempt to breach parity will fade away. On the other hand, for the same eight days pair has constantly trying to recover some of its losses as well, therefore bullish rally can erupt at any point.Traders' Sentiment
Greenback is the most bought major currency across the boards explaining the fact that majority of market participants (69%) hold long positions on the pair. As for pending orders, rather unexpectedly they are equally distributed between bears and bulls.
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