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"I don't think people can aggressively take long dollar positions now because market sentiment is poor."
- Satoshi Okagawa, Sumitomo Mitsui Banking Corporation (based on Reuters)
Pair's Outlook
Not without difficulties, but USD/CAD has successfully overcome the monthly pivot point at 1.0379 that merged with the 55-day SMA. Now the currency pair is testing a subsequent level at 1.0445 that is highly unlikely to impact the current developments, but may still delay the advancement.
Traders' Sentiment
There were no changes in the sentiment of traders overnight in USD/CAD, where an overwhelmingly large population of bulls preserves its advantage over bears. Right now 71% of positions are long. The ratio between the buy and sell orders is respectively 52% to 48%.
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