© Dukascopy Bank SA
"In terms of economic data, you would definitely ascertain that the U.S. dollar-Canadian dollar should be a little higher than what it is at the moment. Although that bump this morning was short-lived, I think over the next couple weeks we'll see the U.S. dollar-Canadian dollar trend higher."
- USForex (based on Reuters)
Pair's Outlook
It seems that neither bulls nor bears have the strength to push the pair noticeably to either side. It is unlikely we will see any major changes in the situation until the end of the trading week. In the new week, however, we think that bullish sentiment should prevail at least in the short run, although a dip below the 1.06 could ignite a major sell off.
Traders' Sentiment
Bulls hold tight grip on the market and although long side of open positions contracted by 3% it is virtually nothing against overall level (72% bullish). At the same time, bullish side of pending orders expanded by at least 3% and is in 75-80% range today.
© Dukascopy Bank SA