© Image watermark
- St-Arnaud, a former Bank of Canada economist (based on Bloomberg)
Pair's Outlook
The USD/CAD pair fluctuated between the weekly R2 and R1 at 1.198/ 1.1924, respectively. The short-term consolidation is the three bullish candle follow– up. However, the market was not highly active on Tuesday and the cross moved only about 40 pips to the downside from the last day close. If a break below follows, the monthly R2 level at 1.189 will act as a support. On the other hand, a move higher will find a resistance at the weekly R3 at 1.208.
Traders' Sentiment
The long opened positions were cut 4% and, currently, 54% of traders are bullish. 63% of 50– pip pending orders are opened long with 70% of 100– pip ones.
© Image watermark