© Dukascopy Bank SA
- CIBC World Markets (based on Reuters)
Pair's Outlook
The U.S. Dollar has been one of the best performers this week, also against its Canadian counterpart. Currently, the pair is fluctuating around the weekly R3 and monthly R2 at 1.1068/82 and it seems that it is poised to touch the major level at 1.11. At the mean time, the majority of weekly and monthly technical indicators are to the upside, suggesting that the pair is not overbought. To our mind, the climb and close above the 1.10 level has changed the overall market sentiment to more bullish.
Traders' Sentiment
Even though the current advance has discouraged some of the traders, the traders' sentiment still remains bullish, with distinct majority (64%) of them favouring the U.S. Dollar over the Loonie.
© Dukascopy Bank SA