© Dukascopy Bank SA
"Obviously the upward trend in CAD is strong, but I do think there are limits."
- Bank of Nova Scotia (based on The Globe and Mail)
Pair's Outlook
Pair continues to trail lower after a failure slightly below 1.09 mark in the middle of the last week. We expect some profit taking to take place around 1.07 mark which should keep the pair stable for some time. It might even ignite a minor rally in the short term. Medium to long term outlook, however, remains bearish and we expect the pair to hit move towards 1.06 in a moderate pace.
Traders' Sentiment
Bullish side of pending orders might have contracted by 10-30% (depending on the range around current market price), but it remains at 70-80% range set to go long. Besides that, bulls hold 71% of all of the open positions on the pair.
© Dukascopy Bank SA