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"Risk-related currencies are trending lower, and that has to have an influence on a currency like the Canadian dollar, which is highly correlated to risk."
-National Bank of Canada (based on Bloomberg Businessweek)
Pair's Outlook
Pair has resumed its recovery after being range bound (0.9850-0.9800) almost for a week and is currently testing few resistance levels around 0.9880. It is likely we will see pairs recovery for some time more, but downside risk is still strong as weekly indicators almost unanimously point at pair's drop.
Traders' Sentiment
Traders continue to be bullish on the pair as amount of long positions on the pair increased by 8% and is at 72% mark today. However, buy orders, which constitute to 56% of all orders, indicates that support for the pair in lower levels is starting to play out.
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