© Dukascopy Bank SA
- CIBC World Markets (based on Reuters)
Pair's Outlook
The USD/CAD cross has managed to climb even higher, despite already high trading levels, on the significant performance of the U.S. Dollar. Moreover, the majority of the weekly and monthly technical indicators strengthen the bullish scenario. Even though there are indications for bullish scenario to occur, we are rather sceptical on that. Of course, in the short term the pair's bulls could push the pair near the weekly R1 at 1.1248; however, pair's consolidation above the 1.13 level seems unlikely for the time being.
Traders' Sentiment
A considerable majority of traders stay optimistic with respect to the U.S. currency. Right now as many as 71% of them expect it to gain in value against the Loonie.
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