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"There are equal reasons to be long and short USD/CAD right now."
-National Bank in Toronto (based on The Wall Street Journal)
Pair's Outlook
Pairs development shows that bullish rally on the pair has ended and technical indicators on 1 week horizon suggest we might see a sharp drop next week. It seems that downtrend resistance (connects 2nd of August and 5th of September highs) at 0.9795 should not put much of a fight, but breaching 20 bar SMA/monthly pivot (S1) at 0.9769 should prove to be not that easy.
Traders' Sentiment
Bullish sentiment in the market on the pair is still strong at 73% mark. However, amount of pending buy orders decreased by additional 7% and is at 55% mark suggesting some doubts about pair are kicking in.
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