© Dukascopy Bank SA
- CIBC World Markets (based on Reuters)
Pair's Outlook
The USD/CAD currency pair has started the week by climbing higher, today the pair breached the daily PP and monthly R1 at 1.0979/80, after losing more than 100 pips last week. The weekly and monthly technical studies are to the upside, thus forecasting a further gains for the pair. If the pair manages to close above the 1.10 mark then a further advance towards April 23rd high at 1.1054 is likely to follow. However, we are sceptical on pair approaching the 1.11 level.
Traders' Sentiment
More than 70% of the SWFX market participants believe that the U.S. Dollar is going to outperform the Canadian peer. However, this number could go down, as 53% of orders are placed to sell the greenback.
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