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"If the U.S. economy can outperform, the Canadian dollar should be able to ride its coattails to a solid performance. The Canadian dollar has done fairly well on solid manufacturing data from the U.S."
- Forexlive.com (based on Bloomberg)
Pair's Outlook
Pair seems to be consolidating around 1.06 after peaking to a new, year 2013, high a few weeks ago. It is highly unlikely we will see any major moves outside the boundaries seen in the last weeks, but due to the bullish trend seen before that, there is still some place for the bullish action. Exactly for the same reason, a sell off becomes even less likely.
Traders' Sentiment
Market sentiment changed marginally—bears hold 2% more than yesterday of open positions and at the moment account for 48% of all traders. Distribution of pending orders, however, became substantially more bearish—it is from 45% to 50% depending on the range around the current market price we look in to.
© Dukascopy Bank SA