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"The momentum is against Canada at this point."
- BMO Capital Markets (based on Reuters)Pair's Outlook
Yesterday USD/CAD touched upon 1.0576, but was unsuccessful at conquering higher levels, such as 1.0631 and 1.0676/72 that it should target in the medium term, but slid again back to 1.05, the weekly pivot point level. Nevertheless, the bias towards the pair is bullish, as implied by the daily and monthly technical indicators, the weekly ones are currently mixed.
Traders' Sentiment
Regardless of the fact that on average the traders are becoming less attracted to the U.S. Dollar (48% of traders bet on its appreciation in all its crosses), the sentiment towards USD/CAD is strongly bullish, being that 71% of open positions are long. The ratio between the buy and sell orders is 53% to 47%.
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