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"As long as risk aversion is a concern among investors I think [the Canadian dollar] will continue to do well ... Investors are willing to sacrifice a little more return for more safety."
- Ian Nakamoto, MacDougall MacDougall & MacTier (based on
MarketWatch)
Pair's Outlook
USD/CAD bottomed out today after a consecutive downfall, and for now investors might expect at least a short-term relief. If bullish reversal occurs, 0.9962 (S1 Weekly) is going to be the first resistance level. A breakout here would pave the way towards 1.000, which is a parity and important psychological level, and 1.0042 (61.80% Fibo).
Traders' SentimentThe largest share of currency traders (65%) keeps a bullish outlook on the pair as for now investors anticipate further rally on the pair. Over 100-pip range from the latest market price, 61% of market participants expect the greenback to appreciate versus theCanadian dollar.
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