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"The CAD looks better on the crosses. That's consistent with growth looking a little better in North American as a whole and the byproduct of that is that Canada will probably do a little better than those in the global environment."
- Canadian Imperial Bank of Commerce (based on Bloomberg)
Pair's Outlook
Pair started the week almost exactly where it ended the last one, but showed some initial bearishness while it found support at 1.0462. At the moment it is hovering slightly above it. We expect that downtrend resistance (connects August and July highs) will be tested soon. In order to consolidate above it the pair should advance above 1.0526. Support at 1.0421 should be enough in the short to medium term. Dip below it could cause a sell off to 1.0375.
Traders' Sentiment
Situation in the market remains exactly the same as it was on Friday. Bulls continue to hold 72% of all open positions; 57% of pending orders remain in their favour as well.
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