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"There has definitely been some topside pressure in USD/CAD. I think we are getting back to a comfortable level where it should be, probably somewhere between C$0.9850 and C$0.9950."
-Scotiabank (based on The Wall Street Journal)
Pair's Outlook
Pair depreciated mildly as bearish correction on the pair kicked in. However, it is early to say how long this correction will last as currently pair is rather stable slightly above weekly pivot (R1)/Fibonacci (23.6% of move since 3rd of June) at 0.9824/21 and technical indicators don't suggest any conclusive signals for the short term.
Traders' Sentiment
Amount of long positions decreased by 5% since yesterday, but sentiment remains bullish as 70% of all open positions on the pair are long. 4% more (62% at the moment) than yesterday, of all pending orders on the pair are long, which suggests that we should not see much of a change in market sentiment in the near future.
© Dukascopy Bank SA