© Dukascopy Bank SA
"I basically think the glory days for the Canadian dollar are over. It's not so much that there's anything wrong here. It's just that the negatives in some other countries are a little less negative these days."
- BMO Capital Markets Chief Economist (based on The Toronto Star)
Pair's Outlook
Pair took a step back after reaching new 2013 high yesterday. We expect the pair to trade sideways for some time in order to confirm this new high and resume it's rally afterwards. In order to neutralise this bullishness the pair should fall at least till 1.60 mark. Peak above the monthly R1/weekly R2 would make test of the 1.0770/79 area almost imminent.
Traders' Sentiment
Bulls continue to account for 73% of all market participants. Bullish side of pending orders decreased by 3% and at the moment they are equally divided between the long and short traders.
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