© Dukascopy Bank SA
"The number came in a touch stronger, above expectations on the quarterly print -- that has caused a little bit of a downtick in dollar-Canada."
- Royal Bank of Canada (based on Bloomberg)
Pair's Outlook
Pair continues to struggle with the resistance area around 1.060. We do not expect the pair will mange to advance above it in the short to medium term. We do not expect it to fail either, rather just to hover above it. In case of an unexpected failure the pair should not fall below the 1.0528/497 area.
Traders' Sentiment
Loonie remains one of the more sold currencies across the board acquired in only 30% of all cases. Greenback at the same time is bought at 60% of cases. As a consequence market sentiment remains strongly bullish—74% of positions. In addition to this, 57% of pending orders are set to go long as well.
© Dukascopy Bank SA