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- CMC Markets (based on WBP Online)
Pair's Outlook
As anticipated, the USD/CAD currency pair suffered a setback on Thursday, declining 50 pips over the day. Even though the volatility reached as low as 1.3180, the immediate support managed to stop the pair from falling deeper. A rebound is likely to take place today, as the trend-line 1.3221 should play its part in supporting the Greenback, while the Loonie is being pressured by the falling oil prices. Although our outlook is bullish, the US Dollar risks remaining flat amid possible weak fundamental data results.
Traders' Sentiment
Market sentiment remains bearish, as 71% of all positions are still long (previously 73%). At the same time, there are slightly less orders to acquire the Greenback, namely 60% (down from 66%).
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