© Duakscopy Bank SA
- Klarity FX (based on Reuters)
Pair's Outlook
The Greenback's positions above the 1.08 seems rather stable, at the moment the pair is appreciating towards the weekly R1 and 100-day SMA at 1.0852/55. While we do not expect the pair to slide beneath the 1.08 mark, we see a bumpy ride ahead to reach the major level at 1.09. Moreover, there is a cluster of resistance levels ahead (weekly R1 and R2, 100 and 200-day SMAs, monthly R1) the bullishness of the monthly technicals could help.
Traders' Sentiment
The traders' sentiment with respect to USD/CAD remains explicitly bullish, since as many as 72% of open positions are long. In the meantime, the relative number of sell orders is growing—100-pips from the spot price their share increased from 50% to 54%.
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