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"The broader range is C$1.1020 to C$1.1180. Until we see a break beyond that range, the market is just going to see lots of choppy, sideways price action."
- Klarity FX (based on Reuters)
Pair's Outlook
Pairs bulls have taken a step back before 1.115. It seems they are trying to embed new support before attempting to reach new (2014) high. If the pair manages to peak above 1.122 we should start looking in to weekly R2/monthly R1 around 1.1357/75. In case of a failure we might see a sell off till 1.10 or even 1.09.
Traders' Sentiment
For the third day in a row and for the fourth in the last five bulls continue to hold 57% of all of the open positions. Distribution of pending orders is showing signs of stabilization. It contracted by 11-23%, but is at a rather tight range—45% to 51% long.
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