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"Until retail sales and CPI next week, I think the Canadian dollar will continue to mainly follow what's happening in the global economy."
- Charles St-Arnaud, Nomura Securities (based on Reuters)
Pair's Outlook
It was not the weekly PP, but rather a combination of the 100-day SMA with the rising trend-line that underpinned the currency pair yesterday, restoring the bullish impetus in the near term. Nevertheless, USD/CAD still appears to be too heavy to lift, given the most recent price action and its tendency to gravitate towards the support at 1.0305/1.0285.
Traders' Sentiment
Even though the share of long positions (71%) has declined by three percentage points since the previous report yesterday, there are only few traders (29%) who believe otherwise. As for the pending orders, a half of them are to buy the buck and the other half is to sell it against the loonie.
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