© Dukascopy Bank SA
"Canada's government would likely do everything in their power to prevent a crippling crash, and unless the housing market suddenly collapses, we do not see a move to C$1.10."
- BK Asset Management (based on MarketWatch)
Pair's Outlook
After yesterday's attempt of USD/CAD to hop on to 1.0712/1.0693, the pair again fell to the up-trend line. However, this support is currently being eroded, and if the July high at 1.0609 also fails to stop the decline, the sell-off may push the price down to the monthly pivot point at 1.0545. Additional important levels, should the bearish sentiments dominate further, are at 1.0482 (down-trend) and at 1.0463/58 (monthly S1 and 100-day SMA).
Traders' Sentiment
The advantage of bulls has declined even more since the previous report, namely from 62% to 60%, although on average during the last 10 days their share was at 68%. Among the orders, the picture once again turned around—the sell ones are in a majority with 67%.
© Dukascopy Bank SA