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"Worth noting, though, were the remarks of Boston Fed President [Eric] Rosengren overnight, who ... pushed for unlimited bond purchases by the Fed ... a very dovish policy prescription in these troubled times."
- Michael Derks, FxPro (based on MarketWatch)
Pair's Outlook
The US dollar is holding grounds right now, trading close to 1.0023 and attempting to move higher. For now the pair seemed to stabilize, presenting a chance for bullish traders to change the price direction. Therefore, 1.0023 (PP Weekly) might become the first resistance level, followed by 1.0079 (200-day SMA) and 1.0119 (50% Fibo) in case of a successful breakout.
Traders' SentimentThe overwhelming majority of traders (73%) still holds long positions on USD/CAD whereas 27% of market participants anticipate the pair to move lower. However, pending order dispositions reveal that the market sentiment is neutral as 50% of investors hold long and short positions.
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