© Dukascopy Bank SA
- Scotiabank (based on Reuters)
Pair's Outlook
Since Monday's jump, when the USD/CAD cross reached a new high this year at 1.1675, it has moved only downwards. Currently, it trades around the upper trend-line of the bullish channel that is located above the 1.16 mark. Most likely, the pair will continue to fluctuate in the boundaries of the previously mentioned trend, with gradual gains. At the same time, short-term correction towards the 1.15 level could be in the plan.
Traders' Sentiment
As evidenced by the SWFX traders' sentiment, about seven out of ten traders believe that the U.S. Dollar is going to appreciate relative to the Loonie. In the meantime, the portion of sell orders declined, from 65% to 59%.
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