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"There's no catalyst for the loonie in the near term, so we're still expecting to see a lack of momentum in the short term and a lot of range-bound trading."
- KnightsbridgeFX.com (based on Reuters)
Pair's Outlook
Today USD/CAD extended its fall and reached 20-day SMA at 1.1126; however, it bounced back to trade just below weekly PP at 1.1176. The pair might slide lower towards 55-day SMA and weekly S1 at 1.1092/74, if that happens then an advance towards new this year high is expected. Majority of technical indicators see that greenback value will increase against its Canadian counterpart.
Traders' Sentiment
The gap between the bullish and bearish traders has widened slightly as 70% of the SWFX market participants think that U.S. Dollar will appreciate versus the Loonie. Concerning the pending orders, there are 52% to enter the market with a sell trade.
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