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"I would characterize the market in general as subdued and mostly sideways. Fairly light liquidity-wise ahead of the event risk this week, which is clearly the EU summit."
- Jack Spitz, National Bank Financial (based on Reuters)
Pair's Outlook
The US dollar paired previous weekly losses against the Canadian dollar. However, if the bearish impetus to dominate the pair, 1.0241 (PP Weekly) will be the first target for bears, followed by 1.0183 (S2 and PP Weekly) and 1.0133 (100-day SMA) accordingly.
Traders' Sentiment
The SWFX traders' sentiment suggests that the majority of market participants (58%) still hold a bullish stance on USD/CAD, while 42% of the market keep short positions on the pair. However, from the order distribution it can be seen that the market stance is neutral: 50% of long and 50% of short pending positions.
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