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- Scotiabank (based on Reuters)
Pair's Outlook
The US Dollar stays supported by the up-trend's support line that is around 1.1242; moreover, the USD/CAD cross is hovering around the weekly PP and March high at 1.1265/80. With the technical indicators being very much bullish we see the pair rebounding above the 1.13 level, even though it has failed to consolidate above it thus far. If the Greenback breached the 1.13 mark then it will target the 20-day SMA and the weekly R1 at 1.1327/38.
Traders' Sentiment
The traders' sentiment with respect to USD/CAD stays strongly bullish, since as many as 71% of open positions are long. In the meantime, the relative number of buy orders is growing—100-pips from the spot price their share increased from 38% to 58%.
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