© Dukascopy Bank SA
- Scotiabank (based on Reuters)
Pair's Outlook
Even though the USD/CAD has gained strongly over the past months, the overall bias still remains in the positive territory. Additionally, by reaching a new high the pair is trading at the highest level seen this year. Nonetheless, it has left the boundaries of the longer-term bullish channel and there is a possibility of the pair returning in its trading range. In the mean time, the weekly technical indicators are still bullish.
Traders' Sentiment
Current advance is apparently discouraging some of the traders; as compared to the yesterday's readings, the share of long positions dropped from 75% to 59%. At the same time the gap between the buy (34%) and sell (66%) orders is narrowing.
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