© Dukascopy Bank SA
- KnightsbridgeFX.com (based on Reuters)
Pair's Outlook
USD/CAD is little changed and it continuously trades slightly above the 100-day SMA at 1.1006. It seems that traders are uncertain about investing in this currency pair as it is fluctuating in 50 pips range for the last days. In short term we expect the greenback to remain unchanged at current levels; however, in longer term we see it strengthening as it is well-supported by 20 and 100-day SMAs and 2009 highs at round 1.10.
Traders' Sentiment
The sentiment towards the greenback is getting less and less bullish, being that the percentage of short positions open on USD/CAD has slipped from 69% to 66% since yesterday. As for the orders placed 100 pips from the spot, 49% are set to buy.
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