© Dukascopy Bank SA
- Cambridge Mercantile Group (based on Bloomberg)
Pair's Outlook
USD/CAD is under bearish pressure, as the price gradually depreciates. Today the loonie overcame the weekly PP level at 1.0236 and decreased even lower. If bears remain in control during the next week, the price might experience difficulties only at 1.02, where the Bollinger band is currently located, or a bit lower, at 1.0184/78, where the monthly PP and weekly S1 are positioned.
Traders' Sentiment
Investors enter the market with bullish sentiments, as the buy side enlarged by 2% and amounts to 59%. Traders have expectations to see further price appreciation and consider this correction only as a short-term now. Placed orders market is orientated to experience a positive performance soon, as 62% are orders are waiting to sell the Canadian Dollar.
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