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"[The Bank of Canada] can't really hike rates in the near term. Yeah, the next move's higher, but when is that? It's certainly not around the corner"
- CIBC World Markets (based on WSJ)Pair's Outlook
The pair is getting closer to the lower line of the major downward sloping channel that stretches from 0.9736/25 up to 1.0402. Accordingly, prior to commencing long-term recovery, price is expected to decline below an initial support line at 0.9853 and penetrate some of the subsequent levels, including 0.9826 and 0.9789/69.
Traders' Sentiment
Traders' sentiments remains bullish and hovers above 70% gauge for forth week already. It hasn't changed for third consecutive day and shows that 73% of traders hold long positions on the pair. Share of pending buy orders increased by another slim 2% and currently 54% of all posted orders are buy orders.
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