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"Not very good things about global growth, Asian growth in particular, that's pushing the risky currencies down as a block and CAD is really just getting caught up in that."
- RBC Capital Markets (based on Reuters)
Pair's Outlook
The US-Canadian dollar pair recovered from the previous daily loss, attempting to move. If the bullish trend commences after the initial resistance at 1.0214 (55-day SMA) is left behind, 1.0251 (23.60% Fibo) and 1.0314 (Upper Bollinger band) are going to be exposed to bullish traders.
Traders' Sentiment
The majority of traders (66%) have bought the American Dollar against the Canadian Dollar, making the sentiment bullish on USD/CAD. Within 100 pips from the current market price, bullish sentiment eases as 63% of market participants anticipate a continuation of the USD/CAD rally.
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