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"I think CAD is shockingly strong considering that at the meeting we would expect the statement to sound less hawkish than it did in June."
- Camilla Sutton, Scotiabank (based on Reuters)
Pair's Outlook
USD/CAD continues moving lower, setting 1.0168 as a potential initial support line for bearish traders. If this level is successfully left behind and the bearish trend continues, as the daily trading indicator suggests, then focus might shift towards next support levels at 1.0099 (200-day SMA) and 1.0043 (61.80% Fibo).
Traders' Sentiment
The gap between bullish and bearish positions has slightly widened since yesterday as long positions constitute 61%, while the share of short positions makes up 39% of the market. As for the orders positioning, only 61% of investors are expecting the pair to move downwards.
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