© Dukascopy Bank SA
"Other than during the 10-minute window of press release analysis, the Canadian dollar is likely to continue to trade on global risk-on/risk-off more than monetary policy."
- Citigroup (based on The Financial Times)
Pair's Outlook
For the second week pair seems to be range bound between 0.995 and 0.990. It seems such situation is bound to continue due to lack of conclusive reading from technical indicators and presence of strong support and resistance levels close to current trading price.
Traders' Sentiment
Market attitude towards the pair remains strongly bullish as exactly two thirds of traders hold long positions on the pair. And the distribution of pending orders does no suggest any major changes as bears and bulls have posted almost identical proportions of orders.
© Dukascopy Bank SA