© Dukascopy Bank SA
- CanadianForex (based on Reuters)
Pair's Outlook
The U.S. Dollar has been outperforming the Loonie for a while now; however, this seems as one of the rare days, lately, when USD/CAD might depreciate. To our mind, the pair will move aside its bullish intensions for now and it will decline towards the 1.11 level. The fact that there is no substantial support levels before the 1.11 mark increases the possibility of this scenario appearing. Thus, we anticipate bearishness from the pair in the near term.
Traders' Sentiment
An overwhelming majority (72%) of the traders believe that the Greenback is going to regain its bullishness and increase in value even more relative to the Canadian peer. At the same time the gap between the buy (57%) and sell (43%) orders is widening.
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