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- RBC (based on Bloomberg)
Pair's Outlook
The USD/CAD followed the previous tendency and continued to move higher from the last day close at 1.1835. However, the pair not only enters the overbought area but also loses some volume on the market. Therefore, such environment brings some concerns on whether the CAD is ready to depreciate versus the greenback. On an hourly chart there might be a diamond pattern formation, linking to a possible reverse sooner or later.
Traders' Sentiment
The market has lost 10% of bullish traders as the percentage of long opened positions changed from 61% to 51% Today. Meanwhile, the 50-pip buy pending orders are placed in the minority of the case– 18%, where 56% of traders expect the pair to move higher in the 100-pip range.
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