© Dukascopy Bank SA
- Royal Bank of Canada (based on Reuters)
Pair's Outlook
After fluctuating at the beginning of the week, USD/CAD found a support represented by the weekly and monthly PPs at 1.1362/59. Now the pair is looking towards to breach the major level at 1.14 and to cement its positions above the mark. The weekly technical studies definitely could help to achieve this goal, as it is pointing straight to the north. We expect the pair to test this year's high at 1.1467 during the next week's trading.
Traders' Sentiment
There is strong conviction in the market that US Dollar has a room for appreciation, being that as many as 73% of open positions are currently long. As for the orders, the amounts of buy (42%) and sell (58%) ones are almost equal.
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