© Dukascopy Bank SA
"We believe steady improvement in labour market conditions will be enough for the Fed to start tapering its asset purchases in September."
- Barclays Capital (based on Reuters)
Pair's Outlook
After the weekend USD/CAD does not seem to be willing to carry on with advancing to 1.0633, it gravitates towards 1.0552. Slightly lower there is another support level at 1.0496, but the bullish outlook in the medium term is safe, as long as the key area from 1.0448 to 1.0404 is intact. Meanwhile, technical indicators in general are giving ‘buy' signals.
Traders' Sentiment
The conviction among SWFX marketplace participants that the U.S. Dollar is going to outperform the loonie strengthened over the weekend, considering that the share of long positions grew from 72% to 74%. As for the orders, 46% of them are to buy and 54% are to sell the greenback.
© Dukascopy Bank SA