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- Cantor Fitzgerald LP (based on Bloomberg)
Pair's Outlook
The USD/CAD bulls threw the pair well higher above the weekly R1 at 1.260, forming the daily high at 1.267. The pair appreciated about 150 pips today from the previous close at 1.253. Meanwhile, the cross is being highly overbought since December 2014. The 55– 100 and 200– SMA's are still pointing to the north. The CAD is depreciating versus the US counterpart for more that two consecutive months now.
Traders' Sentiment
The USD/CAD pair is bought in a minority of the case, since 41% of traders are long. Meanwhile, the 50– pip pending orders are set to buy for 33% of traders and 45% of all will buy once the pair reaches 100– pips.
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