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"The underlying track for [USD/CAD] seems lower still after last week's flame out above par and in the context of current market sentiment. We may be looking at a test of key support in the low 0.99 area over the next few days."
- TD Securities (based on The Wall Street Journal)
Pair's Outlook
After three bearish days after unsuccessful attempt to advance above parity pair is posing for a rally, but is currently depressed under weekly picot (S1) at 0.9972. Stochastic indicator points at recovery of the pair suggesting a formation of head-and-shoulder sort of pattern. Such possibility (with eventual dip) is supported by weekly technical indicators.
Traders' Sentiment
Bulls occupy a significant part of the SWFX market as they hold 61% of all outstanding positions on the pair. Share of pending orders is in their favour as well—60% of all pending orders on the pair are to go long.
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