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"With the U.S. economy only slowly picking up steam, as fiscal uncertainty muddies the outlook, and commodity prices down, Canada's current account gap is expected to remain sizeable through 2013."
- BMO Capital Markets (based on CBC)
Pair's Outlook
Pair managed to appreciate by more than 125 pips today after receiving a bullish impetus from 1.021 yesterday, but did not manage to breach Bollinger band and was rather quickly pushed back below 1.03 where it currently resides. It seems that pair is starting to lack momentum to maintain constant bullish trend, but short and medium term technicals suggest that overall trend is strong and should continue for quite some time.
Traders' Sentiment
Traders do not show any significant preferences towards any of the currencies—market sentiment is perfectly divided between the bears and bulls. Market sentiment, however, is significantly in favour for the bulls—73% to go long on the currency pair
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