© Dukascopy Bank SA
- Cambridge Mercantile Group (based on Reuters)
Pair's Outlook
USD/CAD continues to challenge the up-trend's resistance and monthly R2 that are located at 1.1635. However, it does not seem very likely that the pair could breach these levels at the moment, we see the pair trading range-bound for the rest of the week. In case the currency pair closes above the monthly R2 then there is a possibility of a further strengthening; although, it will be limited by the weekly R1 and 2014 high at 1.1669/75.
Traders' Sentiment
A considerable majority of traders stay optimistic with respect to the single US Dollar. Right now as many as 69% of them expect it to appreciate against the Canadian counterpart. At the same time the gap between the buy (42%) and sell (58%) orders is narrowing.
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