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"The market is probably being dragged lower on modest disappointment that nothing concrete would deliver from the ECB announcement."
- Mazen Issa, TD Securities (based on MarketWatch)
Pair's Outlook
Yesterday USD/CAD was trading close to the 200-day SMA at 1.0085, though the currency couple bounced from this line today and currently bears have chances to strengthen a bearish trend. If this is the case, then 1.008 (Lower Bollinger band) is going to be the first support level, followed by 0.9972 (S1 Weekly) and 0.9914 (S2 Weekly) in case of a successful breakout.
Traders' Sentiment
The overwhelming majority of traders (79%) keep long position on USD/CAD whereas 21% of investors expect the pair to decline over the short term. Over 100-pip range from the latest market price, 76% of market participants expect the pair to advance further.
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